Lawrence White and Selena Li

HONG KONG/LONDON Reuters -HSBC has been asked by customers questions about its climate commitment. This is after a top banker dismissed the risk, sources said to Reuters. At least one institutional investor may reconsider whether or not to use the bank in a sustainable role.

An investor who manages over $100 billion plans to consult consultants regarding whether HSBC Asset Management should be used for its sustainability funds management in light of controversial remarks, according to a source with direct knowledge.

Two other sources claim that bank staff have sought assurances regarding its policies, amid fears about how HSBC would be perceived by clients. A spokesperson for HSBC refused to comment.

Stuart Kirk (HSBC Asset Management’s global head for responsible investing) stated earlier this month that climate change was not a risk that we should be concerned about. This statement prompted the bank and other banks to suspend Kirk and launch an internal investigation.

Kirk did not respond to Reuters requests for comment.

Campaigners criticized Kirk’s presentation and urged the bank to take a greater role in fighting climate change.

The U.K. Pensions Regulator warned that any retirement plan failing to take into account the impact of climate change would be “ignoring a major threat to pension savings”.

HSBC provides investment services that are leading in such areas.

HSBC Chief Executive Noel Quinn has said that Kirk’s comments were “inconsistent with HSBC’s strategy and do not reflect the views of the senior leadership”. Nicolas Moreau who is in charge of the Asset Management Division also disassociated the bank from Kirk’s comments.

One of our sources stated that HSBC Asset Management had received a lot of questions from institutional clients regarding Kirk’s comments.

The source said that some institutions felt obligated by HSBC to clarify their position and make it clearer.

The company is investing in the unit to help increase its fee income. This could lead to HSBC Asset management, a division which oversees $640 million, potentially losing customers. As part of its expansion in Asia, HSBC bought Indian and Singapore businesses over the past year.

The unease has also rippled through the bank’s internal meetings. Two of the sources claimed that concerned employees raised questions about senior management in a recent town-hall.

Kirk was defended by several experts in the finance industry, who said that he had started a valid debate and there should still be space for those with different opinions.

Tariq Fay, Tariq’s former chief of sustainable investing for BlackRock Inc (NYSE :).,) said that climate risk can have a significant impact on portfolios. Financial News interviewed him on Monday.