Sunday, June 26, 2022
 
Columnist
Martin Hennecke

Quinn reaffirms green goals
 
23/05/2022
 
<p>HSBC (0005) chief executive Noel Quinn said an executive&#39;s remarks playing down the risk of climate change are &quot;inconsistent&quot; with the bank&#39;s strategy and don&#39;t reflect the views of senior management.</p><p>&quot;Our ambition is to be the leading bank supporting the global economy in the transition to net zero,&quot; he said in a post on LinkedIn. &quot;I hope my colleagues, customers and others will all know, from our work and my public comments, that HSBC is absolutely committed to a net zero future. Given our global reach and capabilities we have an obligation to lead.&quot;</p><p>Quinn was responding to remarks by Stuart Kirk, the head of responsible investment at the bank&#39;s asset management unit, who criticized the bank for paying too much attention to climate and other environmental and social issues at a conference on moral investing.</p><p>&quot;Climate change is not a financial risk that we need to worry about,&quot; Kirk said Thursday in a 15-minute presentation at the Financial Times conference. &quot;There&#39;s always some nut job telling me about the end of the world.&quot;</p><p>Kirk, who&#39;s responsible for integrating ESG risks and opportunities across asset classes at HSBC Asset Management, also took aim at former Bank of England governor Mark Carney and other policy makers for talking up the risk from climate change.</p><p>&quot;I completely get that at the end of your central bank career there are still many, many years to fill in,&quot; he said. &quot;You&#39;ve got to say something, you&#39;ve got to fly around the world to conferences, you&#39;ve got to out-hyperbole the next guy. But I feel like it is getting a little bit out of hand.&quot;</p>

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