Climate Risk and Wall Street Meet Cancel Culture

As we know, the climatistas have enjoyed great success in getting Wall Street (and big business generally) to drink the climate Kool Aid, and to declare climate to be an investment risk that must be quantified somehow.

Stuart Kirk, head of “responsible investing” for HSBC, gave a presentation at a Financial Times “Live Moral Money Summit Europe” a few days ago in which he shredded the climatista claim about financial climate risk. His presentation is 16 minutes long, but worth it (or just dip into a few segments to get the flavor of it)—and be sure to stick around or scroll down below for the predictable sequel:

Needless to say, you can’t say this! And so the predictable has happened:

HSBC has suspended a senior banker after he referred to climate crisis warnings as “unsubstantiated” and “shrill” during a conference speech that has since been denounced by the lender’s chief executive.

Stuart Kirk, who has been HSBC’s head of responsible investing since last July, will remain suspended until the bank completes an internal investigation into the matter.

HSBC came under pressure to fire Kirk after he gave a presentation in London entitled “why investors need not worry about climate risk”, in which he made light of major flooding risks, and complained about having to spend time “looking at something that’s going to happen in 20 or 30 years”.

Kirk’s presentation controversially included slides that said “Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong”, while referring to comments made by officials at the UN and Bank of England, who have tried to raise the alarm over global heating.

“Human beings have been fantastic at adapting to change, adapting to climate emergencies, and we will continue to do so,” Kirk told attenders at the Financial Times’ Moral Money conference on Thursday. “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 comments have sparked a public relations controversy for the bank, which has struggled to burnish its green credentials, despite pledges to achieve net zero emissions by 2050.

It prompted bosses, including HSBC’s chief executive Noel Quinn, to denounce Kirk’s comments, insisting that they did not reflect the bank’s views on the climate crisis.

“I do not agree – at all – with the remarks made at last week’s FT Moral Money Summit,” Quinn said in a LinkedIn post on Saturday. “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.”

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