May 22, 2022
HSBC chief distances himself from banker’s climate change comments
Senior HSBC executives have distanced themselves from comments on the financial risks of climate change made by the global head of responsible investing at the bank's asset management division. Chief executive Noel Quinn and Nuno Matos, head of HSBC's wealth and personal banking business, criticised comments made by Stuart Kirk in which he accused central bankers and policymakers of overstating the risks in an attempt to "Out-hyperbole the next guy". "They are inconsistent with HSBC's strategy and do not reflect the views of the senior leadership of HSBC or HSBC Asset Management." Kirk's comments on climate change - which drew ire from environmentalists - were especially embarrassing for the bank as it sponsored the conference and was promoted on the event's website as a strategic partner. The speed at which HSBC and other lenders have pledged to act, particularly on financing for coal power and mining, has disappointed some activists and ESG funds and they continue to push for change.
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