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HSBC Head of Responsible Investing Stuart Kirk Resigns, Commented “Who cares if Miami is six metres underwater in 100 years”

8th July 2022 | Hong Kong

HSBC Head of Responsible Investing Stuart Kirk has resigned from HSBC, following his recent suspension for his controversial remark at a conference: “Who cares if Miami is six metres underwater in 100 years”.  His presentation remarks at the Financial Times’ Moral Money conference: “why investors need not worry about climate risk … … looking at something that’s going to happen in 20 or 30 years. Human beings have been fantastic at adapting to change, adapting to climate emergencies, and we will continue to do so.  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.”  In his presentation slides in reference to United Nations & Bank of England: “Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong.”  Stuart Kirk: “Today I wish to announce that I have resigned as global head of responsible investing at HSBC Asset Management.   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.” 

“ HSBC Head of Responsible Investing Stuart Kirk Resigns, Commented – Who cares if Miami is six metres underwater in 100 years ”

 


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Stuart Kirk Linkedin Post

Extracted from Linkedin Post – Stuart Kirk

Today I wish to announce that I have resigned as global head of responsible investing at HSBC Asset Management. 

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. 

Funny old world.

Over a 27-year unblemished record in finance, journalism and consulting I have only ever tried to do the best for my clients and readers, knowing that doing so helps my employer too. 

Investing is hard. 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.

There is no place for virtue signalling in finance. Likewise as a writer, researcher and investor, I know that words or trading shares can only achieve so much. True impact comes from the combination of real-world action and innovative solutions.

Which is why I’ve been gathering a crack group of like-minded individuals together to deliver what is arguably the greatest sustainable investment idea ever conceived. A whole new asset class. Sounds fanciful – but I am not one for hyperbole, as viewers of my presentation know well. 

To be announced later this year, the first project will underline the central argument in my speech: that human ingenuity can and will overcome the challenges ahead, while at the same time offering huge investment opportunities.

Meanwhile, I will continue to prod with a sharp stick the nonsense, hypocrisy, sloppy logic and group-think inside the mainstream bubble of sustainable finance. Follow me on LinkedIn if you want to learn the right way to think about ESG – and let me tell you, most of what’s out there is bonkers.

Finally, can I take this opportunity to thank the tens of thousands of people – from chief executives and congressmen to scientists and mom and pop investors – who contacted me from around the world offering their support and solidarity over the past two months. 

You have given me strength during what has been a tumultuous time for me and my family. It is for you that the next chapter in my career will be devoted. Please forward this to anyone you know who cares about money and planet earth.

Stuart




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