HSBC PLC has suspended its global head of responsible investing after he made a speech questioning whether the impact of climate change really mattered.
Stuart Kirk said:” Who cares if Miami is six feet underwater in 100 years” in a presentation to the FT’s Moral Money Summit, adding that “Amsterdam has been six metres underwater for ages and that’s a really nice place.”
Kirk also presented slides suggesting warnings over the impact of climate change are “always wrong”, adding “Human beings have been fantastic at adapting to change, adapting to climate emergencies, and we will continue to do so.”
HSBC was already under fire for “greenwashing” with its net-zero strategy as it is one of the largest lenders globally to oil and gas producers and Kirk's comments are likely to raise more questions over its commitment to reducing fossil fuel activities.
Noel Quinn, the bank’s chief executive, quickly distanced himself from Kirk’s comments, saying the views were ”inconsistent with HSBC’s strategy and do not reflect the views of the senior leadership of HSBC or HSBC Asset Management.
“Our ambition is to be the leading bank supporting the global economy in the transition to net zero.”
Shares in HSBC edged up 0.4% to 492.8p.