HSBC banker quits after 'nut job' climate speech

A senior HSBC executive who accused central bankers and officials of exaggerating the financial risks of climate change has resigned.

Stuart Kirk, the bank's global head of responsible investing, was reportedly suspended in May after he said in a speech: "There's always some nut job telling me about the end of the world."

He said on Thursday his comments had made his position "unsustainable".

"A cancel culture destroys wealth and progress," he added in a LinkedIn post.

Mr Kirk's role, which is based in London, involved considering the impact of investments on environmental, social and governance issues.

In his resignation statement, he said he had "only ever tried to do the best for my clients and readers" in a "27-year unblemished record in finance, journalism and consulting".

"Ironically given my job title, I have concluded that the bank's behaviour towards me since my speech at a Financial Times conference in May has made my position, well, unsustainable," he said. "Funny old world."

HSBC came under pressure to investigate Mr Kirk after he gave the presentation entitled "Why investors need not worry about climate risk" at a conference.

In the address he made light of the risks of major floods and said that he had to spend his time "looking at something that's going to happen in 20 or 30 years".

During the 15-minute address, Mr Kirk said climate change was "not a financial risk that we need to worry about".

"Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are always wrong," a slide showed as part of the presentation said.

Later in the presentation, he said: "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."

Mr Kirk said on Thursday that investing was "hard" and "so is saving our planet".

"Opinions on both differ. But humanity's best chance of success is open and honest debate. If companies believe in diversity and speaking up, they need to walk the talk. A cancel culture destroys wealth and progress," he added.

"There is no place for virtue signalling in finance."

Mr Kirk also announced he had been gathering a "crack group of like-minded individuals" to deliver "what is arguably the greatest sustainable investment idea ever conceived".

"I will continue to prod with a sharp stick the nonsense, hypocrisy, sloppy logic and group-think inside the mainstream bubble of sustainable finance," he said.

HSBC declined to comment when contacted by the BBC.

Following Mr Kirk's speech, the bank's group chief executive Noel Quinn said he did not agree "at all" with his remarks, adding they were "they are inconsistent with HSBC's strategy and do not reflect the views of the senior leadership of HSBC or HSBC Asset Management".