Home Investing Strategy HSBC banker’s rhetoric on climate risk at odds with strategy, CEO says

HSBC banker’s rhetoric on climate risk at odds with strategy, CEO says

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© Reuters. FILE PHOTO: Noel Quinn, chief executive of HSBC, attends the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, UK, November 3, 2021. REUTERS/Yves Herman/File Photo

(Reuters) – HSBC Holdings (NYSE: ) Chief Executive Noel Quinn said his bank would not diversify its portfolio after a senior executive said the central bank had exaggerated the financial risks of climate change. The ambition to lead the global economy’s transition to net zero. .

In a LinkedIn post on Saturday, Quinn said the veteran banker’s remarks were “inconsistent with HSBC’s strategy” and “do not reflect the views of HSBC or senior HSBC asset management.”

At a conference hosted by the Financial Times on Thursday, Stuart Kirk, head of responsible investing at HSBC, said central bank policymakers and other global authorities had exaggerated the financial risks of climate change, with remarks that drew criticism from climate activists .

Quinn reiterated HSBC’s commitment to a net-zero future, and his position was endorsed by several other HSBC employees, including Nuno Matos, chief executive of wealth and personal banking, who said the transition to net-zero would be “critical for the bank.” important”.

Kirk could not be immediately reached for comment.

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