HSBC green chief who says: Who cares if Miami’s under water!
Amsterdam has been six metres under water for ages and that is a really nice place
A TOP banker at HSBC has accused the financial industry and Bank of England of exaggerating the risks from climate change in an extraordinary outburst.
Stuart Kirk is head of responsible investing at HSBC Asset Management, helping to ensure the finances of the firm’s clients are put into environmentally sustainable ventures.
But while speaking at a green investment conference in Mayfair, he said he did not care if Miami, Florida, was submerged in 100 years’ time.
It came as he launched into a tirade about why people do not need to worry about climate change. Mr Kirk compared it to the millennium bug, saying throughout his career he has always had ‘some nutjob telling me about the end of the world’.
He added that what really bothered him about the climate crisis was the ‘amount of work these people make me do’.
At HSBC Mr Kirk is in charge of ‘environmental, social and governance’ for the bank’s wealthiest clithat ents. But he shocked delegates with his comments on Thursday.
He said: ‘Who cares if Miami is six metres under water in 100 years? Amsterdam has been six metres under water for ages and is a really nice place. We will cope with it.’ Mr Kirk said he did not dispute the science around climate change but he added dismissively ‘there will be fires’.
The former journalist was editor of the Financial Times’ Lex column from 2011 to 2013.
He also accused the Bank of England of fiddling figures to ‘get a nasty number’ to make climate change seem worse than it is.
Mr Kirk, who was educated at Cambridge University, said: ‘Even with a carbon tax they could not make climate risk move the neeour dle, so they had to get their clever wonks in the backroom to put a gigantic interest rate shock through their models in order to make headlines.’
HSBC says climate change is one of the most serious emergencies facing the planet.
But Mr Kirk suggested it is not a big deal for the high street bank.
He said: ‘At a big bank like ours, what do people think the average loan length is? It is six years.
‘What happens to the planet in year seven is actually irrelevant to loan book. For coal, what happens in year seven is actually irrelevant. Let’s get back to making money out of the transition.’
He also criticised former Bank of England governor Mark Carney, who has said climate change will dwarf the cost of living pain.
‘I completely get that at the end of your central bank career there are still many, many years to fill in.
‘You have to say something, you have to fly around the world to conferences, you have to outhyperbole the next guy, but I feel like it is getting a little bit out of hand,’ said Mr Kirk.
HSBC distanced themselves from his comments.
Nicolas Moreau, chief executive at HSBC Asset Management, said Mr Kirk’s views do not reflect those of HSBC ‘in any way’.
He added: ‘HSBC Asset Management is committed to driving the transition to a sustainable global economy and has a fiduciary responsibility to ensure its clients’ monies are managed for positive long-term environmental and social outcomes.
‘HSBC is committed to supporting its customers in their transition to net zero and a sustainable future and, like HSBC Asset Management, is committed to achieving net zero by 2050.’
‘We will cope with it’