Europe’s largest bank said it made the decision after receiving advice from international energy experts.
It comes following previous criticism of HSBC for funding oil and gas projects despite its green pledges.
HSBC’s announcement sends a strong signal to fossil fuel giants and governments that banks’ appetite for financing new oil and gas fields is diminishing.
The bank said the decision had been made following consultation with leading scientific and international bodies who had estimated that current oil and gas fields would meet any demand in 2050 under a net-zero scenario.