HSBC Banker quits after ‘Nut Job’ climate panic attacks
A senior HSBC executive has resigned, claiming his position has become “unsustainable” as a result of a backlash from a speech last spring in which he downplayed the financial risks of climate change.
Stuart Kirk, who was previously global head of investment in charge of asset management at HSBC, announced his resignation in a LinkedIn post on July 7. for sustainable finance,” claiming that the company stifled diversity of viewpoints and stuck to “crazy” ideas about sustainable investing.
Kirk went on leave from HSBC in May after a speech at the FT Moral Money Summit Europe in London. In his speech, the HSBC CEO downplayed the risks of climate change for investors, noting that the effects of man-made climate change are greatly exaggerated and that decades are paying off.
“There is always some great work that tells me about the end of the world,” Kirk said in his controversial speech, as he compared climate alarms to gold bugs and panicked proponents from the year 2000.
After several months on sabbatical, and after a prolonged reaction to his remarks, Kirk clearly concluded that his position at the company was “unsustainable.” The embattled banker announced his resignation in the aforementioned LinkedIn post, in which he criticized the prevailing orthodoxy in Environmental, Social and Corporate Governance (ESG) – an approach to investing that takes social responsibilities into account.
“Investing is hard. So is saving our planet. Opinions differ on both,” Kirk said in his post. But humanity’s best chance for success is open and honest discussion. If companies believe in diversity and speak out, they have to speak up. A culture of cancellation destroys wealth and progress.
“There is no place for virtue in finance. Likewise, as a writer, researcher, and investor, I know that words or stock trading can only achieve so much. The real impact comes from combining real-world actions with innovative solutions.”
Kirk’s post has received many controversial responses from several CEOs, CEOs and other financial professionals, who argue in the comments section about the merits of Kirk’s critiques and ESG.
Lots of shouting here about what ESG actually is. (It’s not a sign of virtue) [sic] Gordon Ackerman, a credit financial advisor to Best of Your Bath, said in response to Kirk’s post.
“Those who oppose ESG simply want to be allowed to do their damage in secret, and that’s nepotism, not capitalism.”
Despite the objections of his critics, Kirk announced that he would be working on a new and ambitious project. He did not elaborate on the details of his upcoming project, which he calls “the greatest sustainable investment idea ever,” which involves creating a “whole new asset class.”
Kirk promised to announce the details of the mysterious project later this year.