HSBC banker’s remarks on climate risk inconsistent with strategy, CEO says

(Reuters) – HSBC Holdings CEO Noel Quinn says his financial institution won’t be distracted from its ambition to steer the worldwide financial system within the transition to internet zero, after a senior government mentioned central banks had exaggerated the monetary dangers of local weather change.

In a LinkedIn submit on Saturday, Quinn mentioned the senior banker’s remarks have been “inconsistent with HSBC’s technique” and “don’t mirror the views of the senior management of HSBC or HSBC Asset Administration.”

At a convention hosted by the Monetary Instances on Thursday, HSBC’s head of accountable investing Stuart Kirk mentioned central financial institution policymakers and different international authorities have been overplaying the monetary dangers of local weather change, in feedback that drew criticism from local weather activists.

Quinn reiterated HSBC’s dedication to a internet zero future and his submit was endorsed by a number of different HSBC workers together with Nuno Matos, CEO for Wealth and Private Banking, who mentioned the transition to internet zero was of “utmost significance” to the financial institution.

Kirk couldn’t be instantly reached for remark. 

(Reporting by Nishit Jogi in Bengaluru and Sinead Cruise in London; Modifying by Pravin Char)