HSBC banker quits after ‘nut job’ climate speech

A senior HSBC executive who accused central bankers and officials of exaggerating the financial risks of climate change has resigned.

Stuart Kirk, the bank’s global head of responsible investing, was reportedly suspended in May after he said in a speech: “There’s always some weirdo telling me about the end of the world.”

He said Thursday his comments had rendered his position “indefensible”.

“An abandonment culture destroys wealth and progress,” he added in a LinkedIn post.

Mr. Kirk’s role, who is based in London, included considering the impact of investments on environmental, social and governance issues.

In his resignation statement, he said he was “always trying to do what was best for my clients and readers,” in a “27-year unblemished record in finance, journalism and consulting.”

“Ironically, given my job title, I’ve come to the conclusion that the bank’s behavior towards me since I spoke at a Financial Times conference in May has rendered my position, well, untenable,” he said. “Fun old world.”

HSBC came under pressure to investigate Mr Kirk after he gave the presentation entitled “Why Investors Shouldn’t Worry About Climate Risk” at a conference.

In the address, he downplayed the risks of major flooding, saying he needed to spend his time “dealing with something that’s going to happen in 20 or 30 years’ time.”

During the 15-minute address, Mr. Kirk said climate change was “not a financial risk to worry about.”

“Unfounded, strident, partisan, self-serving, apocalyptic warnings are always wrong,” reads a slide shown at the presentation.

Later in the presentation, he said, “Who cares if Miami will be twenty feet under water in 100 years? Amsterdam has been twenty feet under water for ages and that’s a really beautiful place.”

Mr Kirk said on Thursday that investing is “tough” and “saves our planet too”.

“Opinions on the two differ. But mankind’s best shot at success is through open and honest debate. When companies believe in diversity and speak up, they need to speak up. A culture of abandonment destroys wealth and progress,” he added.

“In the world of finance there is no place for signs of virtue.”

Mr Kirk also announced that he had assembled a “cracking group of like-minded individuals” to deliver “arguably the greatest sustainable investment idea ever conceived”.

“I will continue to whip up a sharp stick to whipping up the nonsense, hypocrisy, sloppy logic and groupthink in the mainstream sustainable finance bubble,” he said.

HSBC declined to comment when asked by the BBC.

After Mr Kirk’s speech, the bank’s Group Chief Executive, Noel Quinn, said he “disagreed at all” with his comments, adding that they “are not consistent with HSBC’s strategy and are not the views of HSBC’s senior management or HSBC Asset Reflect Management”.