Top Posts
UK, WHO launch climate change platform to aid...
IFPRI launches global food policy report
Nigerian Senate moves to tackle climate change
Banggi establishes action committee to tackle climate change
Activists block streets, tunnel in Sydney climate protest
UK praises Tanzania for championing climate change fight
EU, UK to end investment protection for fossil...
Study: Climate change influences likelihood of armed conflict
Germany says conversations on climate change top priority
Climate justice groups say Britain must invest in...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
Uncategorized

HSBC executive suspended over climate change comments

by admineconai May 24, 2022
written by admineconai May 24, 2022

British multinational universal bank and financial services holding company, HSBC has announced the suspension of its global head of responsible investing at the bank’s asset management division, Stuart Kirk over comments he reportedly made on climate change.

Kirk was reported to have accused central bankers and policymakers of overstating the financial risks of climate change to “out-hyperbole the next guy”. His comments, which drew anger from environmentalists, were said to be especially embarrassing for the bank as it sponsored the conference and was promoted on the event’s website as a strategic partner.

Although the bank and its senior executives have criticised the speech made at a Financial Times conference, its theme and content are reported to have been agreed upon internally before Kirk spoke on Thursday.

Read also: Blockchain company invests $100m in climate change fight

The title of the presentation — ‘Why investors need not worry about climate risk’ — had been agreed two months earlier and publicised on the website in the run-up to the event.

Head of HSBC’s wealth and personal banking business, Noel Quinn and Nuno Matos is said to have distanced themselves from the comments in social media posts.

“I do not agree — at all — with the remarks made at [this] week’s FT Moral Money Summit,” Quinn said. “They are inconsistent with HSBC’s strategy and do not reflect the views of the senior leadership of HSBC or HSBC Asset Management.”

Speaking further, he said, “We have a lot of work to do, and I am determined that our team won’t be distracted by last week’s comments.”

In his own reaction, Matos said, “Incomplete agreement with Noel Quinn — the transition to net-zero is of utmost importance to us and we will strive for ways to help our clients on this journey.”

In recent years, HSBC has come under pressure from campaigners and shareholders for its role in financing companies with substantial greenhouse gas emissions.

Story was adapted from Financial Times.

Climate changeCommentHSBSSuspensionWorker
0 comment
0
FacebookTwitterPinterestEmail
admineconai

previous post
Blockchain company invests $100m in climate change fight
next post
Australia’s new PM Albanese signals climate policy change

Related Posts

Climate change protest rocks Sweden’s capital

June 5, 2022

Canada releases guidelines to manage financial risks from...

May 29, 2022

Australia’s new PM Albanese signals climate policy change

May 24, 2022

Data shows EU emissions surpass pre-pandemic levels

May 18, 2022

Environment group criticises Nigerian govt for ignoring climate...

April 25, 2022

Study: Climate crisis could lead to more small-bodied...

April 21, 2022

Climate Change: FCT, 19 Northern states to benefit...

April 6, 2022

IFAD-funded project to combat climate change, others

March 26, 2022

Report shows 1.5C achievable with carbon dioxide removal...

March 10, 2022

Protest in Serbia draws attention to country’s air...

January 31, 2022

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Social Connect

Facebook Twitter Instagram Pinterest Youtube Snapchat Vimeo

Recent Posts

  • IFPRI launches global food policy report

    June 28, 2022
  • Nigerian Senate moves to tackle climate change

    June 28, 2022
  • Foundation urges Nigerians to combat climate change, desertification

    June 22, 2022
  • Environmentalist says community awareness will increase forest, wildlife preservation

    June 21, 2022
  • Nigerian govt to eliminate kerosene lighting by 2030

    June 19, 2022

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World