There has been much speculation over what was behind HSBC asset management’s now-suspended head of responsible investment Stuart Kirk’s recent incendiary presentation on climate change. The administrative burden of having to quantify long-term climate risk on loan instruments with an average tenor of six to seven years certainly seems to have been part of it.
“The amount of work these people make me do,” he lamented, criticising central banks and regulators’ obsession with climate-related risk-assessment procedures.
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