Policy will apply to projects approved after end2021
Seeks more information on climate plans from companies
New policy also covers biomass, nuclear, coal, hydrogen

LONDON, Dec 14 Reuters HSBC will stop funding new oil and gas fields and expect more information from energy clients over their plans to cut carbon emissions, the banking giant said on Wednesday, as part of a wider update of its sector policy.

Activist groups that have been critical of HSBC in recent years mostly hailed the move by one of the biggest lenders to energy companies in the world as a keenly awaited update that will drive companies towards a cleaner future.

HSBC39;s announcement sets a new minimum level of ambition for all banks committed to netzero, said Jeanne Martin, a campaigner at Share Action.

HSBC is among the biggest banks to confirm it would not support oil and gas projects that received final approval after the end of 2021, a move the International Energy Agency has said is needed for the world to reach netzero emissions by 2050.

Others to have committed to this include Britain39;s biggest domestic bank Lloyds.

HSBC said it would continue to finance energy companies at the corporate level to help them overhaul their businesses and drive development of cleaner energy sources, and would assess their strategic plans annually.

Covering everything from biomass projects to hydrogen, nuclear and thermal coal, the policy was aimed at driving progress across regions with different energy…