UK pension schemes should not ignore climate change, a senior executive at The Pensions Regulator said on Monday, the first watchdog to weigh in after a top HSBC banker was suspended after playing down the financial risks of climate change.
Regulators across the world have been putting pressure on the financial services industry to take climate change into account when calculating risks to their business models.
Stuart Kirk, a senior HSBC banker in charge of sustainable investments, had said at an industry event last week that central bank policymakers and other global authorities were exaggerating the financial risks of climate change. read more
The bank has since suspended him pending an internal investigation, sources familiar with the matter told Reuters on Monday.
Publication Date: 23 May 2022
Publication Site: Reuters