Asset Management

HSBC and Elon Musk herald a backlash over $3tn ESG boom

The tide seems to be shifting on sentiment surrounding companies' environmental, social and governance goals

Elon Musk took to Twitter to say 'ESG is a scam'
Elon Musk took to Twitter to say 'ESG is a scam' Photo: Getty Images

You’d think the $3tn ESG market was imploding, judging from the kicking the industry got this week.

What started out as a simple presentation from an HSBC exec turned into a snowball of outrage. The bank’s responsible investment head Stuart Kirk gave a speech criticising central bankers and policymakers for hamming up climate change risks by trying to “out-hyperbole the next guy”.

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Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is ReachedExternal link

Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is Reached