Stuart Kirk, global head of responsible investing at HSBC Asset Management, questioned the risk climate change plays on financial markets, arguing investors shouldn’t worry about it:
“Who Cares If Miami Is Underwater In 100 Years” – HSBC Global AM Head Slams “Nut Job” Climate-Alarmists
What do the world’s richest person [Elon Musk] and a top HSBC Asset Management global head have in common? Well, they both called out the absurdity behind ESG investing.
On Tuesday, Tesla was removed from the ESG version of the S&P 500 Index. Musk went on a tweet rant on Wednesday, calling out ESG investing as a “scam,” noting “phony social justice warriors have weaponized it.”
He said, “S&P Global Ratings has lost their integrity,” considering companies like Exxon Mobil (fossil fuels), Apple (China slave labor), and Amazon (which is working against unions) remain in the index.
Kirk said the drumming up of climate change problems is similar to Y2K, explaining that “some nutjob” has always told him the “end of the world” is nearing.
Titled “Why investors need not worry about climate risk,” he asked: “Who cares if Miami is six meters underwater in 100 years?”
Kirk noted: “Amsterdam has been six meters underwater for ages and that is a really nice place. We will cope with it.”
He doesn’t disagree with climate science but said “there will be fires” and humans are good at adapting and navigating challenging times.
