“Who Cares If Miami Is Underwater In 100 Years” – HSBC Global FEEL Head Slams “Nut Job” Climate-Alarmists
What do the world’ s i9000 richest person [Elon Musk] and a top HSBC Asset Management global head have in common? Well, these people both called out the absurdity behind ESG investing. On Tuesday, Tesla was removed from the ESG version of the S& G 500 Index. Musk went on a tweet rant on Wednesday, calling out ESG investing as a “ rip-off, ” noting “ phony social […]#@@#@!!
What do the world’s richest person [Elon Musk] and a top HSBC Asset Management worldwide head have in common? Nicely, they both called away the absurdity behind ESG investing.
On Tuesday, Tesla was removed from the ESG edition of the S& P five hundred Index. Musk went on the tweet rant on Wednesday, calling out ESG investing as a “ fraud, ” observing “ phony social justice players have weaponized it. ”
This individual said, “ S& P Global Ratings offers lost their integrity , ” considering companies such as Exxon Mobil (fossil fuels), Apple (China slave labor), and Amazon (which is usually working against unions) stay in the index.
On Thursday, in London, at a Financial Times Moral Money meeting, Stuart Kirk, global head of responsible investing in HSBC Asset Management, questioned the risk weather change plays on monetary markets , arguing investors shouldn’t worry about it.
Kirk said the particular drumming up of climate change problems is similar to Y2K, explaining that “ some nutjob” has always told him the “ end of the world” is definitely nearing.
Titled “ Why traders need not worry about climate danger, ” he or she asked: “ Who cares if Arkansas is six meters marine in 100 years? ”
Kirk noted: “ Amsterdam has been six meters marine for ages and that is a really great place. We will cope with it. ”
He doesn’t disagree with climate science but mentioned “ there will be fires” and humans are good at changing and navigating challenging periods.
Kirk said HSBC spends a lot of time on ESG:
“ One of the tragedies of this entire debate, which we all obsess about at HSBC , is that we spend way too much on minimization and financing and not enough on adaption financing . ”
He then points out some climate alarmists vacationing around the world, promoting apocalyptic warnings, such as those from ex-BoE head Mark Carney.
“ I completely get that at the end of your main bank career there are still many, many years to fill in. You need to say something, you have to take off around the world to conferences, you need to out-hyperbole the next guy, but I feel like it is getting a little bit out of hand. ”
Here are some from the nut jobs he listings off, spouting impending weather doom.
He noted that ex-central bank climate alarmists had skewed their climate-related financial versions with interest rate shocks to get an apocalyptic scenario they were looking for: A way to manipulate statistics to get a scary outcome: Panic sells.
“ What they have done is [factor] a gigantic interest rate shock on all the Financial institution of England and central bank scenarios to get a nasty number. ”
This individual said with a big bank like HSBC — the common loan length is around 6. So at year 7, “ what goes on to the planet in season seven is actually irrelevant to our loan book. ”
Watch Kirk’s full job interview here.
Musk is not really a lone wolf decrying the ESG nonsense economic markets as the top HSBC investment head makes a valid point why investors need not worry about climate risk.
