Covering everything from biomass projects to hydrogen, nuclear and thermal coal, the policy was aimed at driving progress in sectors with different energy systems, Celine Herwijser, HSBC’s chief sustainability officer, told Reuters.
Amid Russia’s invasion of Ukraine, and a resulting rise in energy costs, the policy was also “pragmatic”, she said, and the bank would continue to finance existing oil and gas fields to ensure that supply falls in line with demand. Has been.
“This is not a new fossil fuel investment as of yesterday. The existing fossil fuel energy system needs to go hand-in-hand with the growing clean energy system,” Herwisser said.