HSBC distances itself from comments by an executive downplaying climate risks.

HSBC is in injury management mode after a senior govt stated that policymakers and central bankers had exaggerated the monetary threat of local weather change.

Stuart Kirk, the top of accountable investing for the financial institution’s asset administration division, final week in contrast predictions concerning the adverse results of local weather change to “Y2K” theories that a pc glitch would trigger havoc at midnight on Jan. 1, 2000.

“There’s at all times some nut job telling me concerning the finish of the world,” he stated at a Monetary Instances convention in a presentation titled, “Why traders needn’t fear about local weather threat.”

He added, “What bothers me about this one is the quantity of labor these folks make me do. The quantity of regulation coming down the pipes. The variety of folks in my staff and at HSBC coping with monetary threat from local weather change.”

Later within the speech, he stated, “Who cares if Miami is six meters underwater in 100 years? Amsterdam has been six meters underwater for ages, and that’s a very nice place. We are going to deal with it.”

Noel Quinn, HSBC’s group chief govt, over the weekend stated in a put up on LinkedIn that he didn’t agree with Mr. Kirk’s feedback. “They’re inconsistent with HSBC’s technique and don’t replicate the views of the senior management of HSBC or HSBC Asset Administration,” he stated, including, “We have now loads of work to do, and I’m decided that our staff gained’t be distracted by final week’s feedback.”

In a touch upon the put up, Nuno Matos, the chief govt of HSBC’s wealth and private banking division, stated he was “in full settlement” with Mr. Quinn. “The transition to internet zero is of utmost significance to us and we’ll try for tactics to assist our purchasers on this journey.”

A spokesman for HSBC declined to remark, saying that it couldn’t touch upon particular person staff. The FT reported that Mr. Kirk had been suspended, pending an inner investigation.

In Britain, the place HSBC is headquartered, the federal government has lately pushed banks and different monetary companies to report how they’ll adapt their actions and investments to assist the nation meet its emission-reduction targets and set up it as a worldwide hub for inexperienced finance.