a presentation entitled ‘Why investors need not worry about climate risk’, during which he referred to the warnings on the climate crisis as “unsubstantiated” and “shrill”, and complained about having to spend time looking into “something that’s going to happen in 20 or 30 years”. Referring to warnings issued by the United Nations, as well as the Bank of England, over the ongoing climate crisis, Kirk told attenders at the Financial Times’ Moral Money conference that “Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong”.
“Human beings have been fantastic at adapting to change, adapting to climate emergencies, and we will continue to do so,” he said. “Who cares if Miami is six metres underwater in 100 years? Amsterdam has been six metres underwater for ages and that’s a really nice place.”
His remarks attracted widespread criticism, at a time when HSBC is struggling to burnish its green credentials, despite having pledged to achieve net zero carbon emissions by 2050. The firm’s chief executive Noel Quinn was forced to denounce Kirk’s comments, insisting that they do not reflect HSBC’s views on climate change.
“I do not agree – at all – with the remarks made at last week’s FT Moral Money Summit. They are 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,” Quinn said in a LinkedIn post on Saturday. “We have a lot of work to do, and I am determined that our team won’t be distracted by last week’s comments,” he added.
