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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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