Thursday 23 July: An Australian Security Leaders Climate Group Executive and an internationally acclaimed climate scientist have joined more than 160 shareholders and Market Forces to demand Macquarie Group explains how its skyrocketing finance for major new oil and gas projects is aligned with the investment bank’s commitment to the climate goals of the Paris Agreement.
Macquarie faces growing investor discontent and a climate-focused shareholder resolution at the company’s annual general meeting (AGM) being held in Sydney, Thursday 23 July.
Since a record breaking 35 per cent vote by shareholders at Macquarie’s 2025 AGM for the investment bank to improve its climate risk disclosures, the Group has abandoned its pledge to the global goal of net zero by 2050 and is supersizing its support for dangerous new fossil fuel projects.
This year, major international investors including the United States’ largest pension fund, AU$909 billion CalPERS, AU$470 billion New York City Pensions fund, Norway’s biggest private pension fund AU$146 billion KLP and largest asset Manager AU$237.5 billion Storebrand have all declared they have voted in favour of the Market Forces shareholder resolution asking Macquarie Group to come clean on how its finance for new oil and gas projects is aligned with global climate goals.
Macquarie has become Australia’s most aggressive fossil fuel financier, tripling its oil and gas financing in the last three years, including the bankrolling of Australia’s biggest proposed fracking development in the Northern Territory’s Beetaloo Basin, and helping drive a global LNG boom that is locking the world into catastrophic levels of warming.
Australia’s big four banks, Commonwealth Bank, NAB, Westpac and ANZ have reduced their lending to oil and gas extraction by almost $8 billion over the same timeframe.
Morgan Pickett, Banks Policy Analyst, Market Forces said:
“Shareholders are demanding Macquarie explain its contradictory position: how can it support massive new fossil fuel projects that it admits are aligned with catastrophic warming scenarios, while claiming to back the Paris Agreement and a safe climate.”
“Investors are highly concerned to see Macquarie pouring hundreds of millions of dollars into one of the biggest proposed gas fracking operations in the world, the Beetaloo Basin, supercharging climate impacts including more severe bushfires, cyclones and floods.”
Ian Dunlop, Executive Member, Australian Security Leaders Climate Group, former Senior Executive at Shell and Chair of Australian Coal Association said:
“I’m sounding the alarm: Macquarie is making a grave error, treating a 3°C world as a business opportunity to justify more fossil fuel finance rather than a catastrophe that must be avoided.”
“Macquarie Group must recognise that financing new fossil fuel projects will have unacceptable impacts for the company, global economy and security of peoples across the world for generations.”
Emeritus Professor John Church, oceanographer, climate scientist and lead author on multiple Intergovernmental Panel on Climate Change reports said:
“Macquarie is ignoring the science with its actions that are in direct contrast to what is required by the Paris Agreement.”
“Macquarie’s actions are not consistent with the best international science; its statements are effectively greenwashing.”
The Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA) have concluded that new oil and gas developments are inconsistent with the climate goals of the Paris Agreement, to avoid the economic and social impacts that become more catastrophic with every fraction of a degree of further global warming.
“Despite last year’s 35% vote in favour of clearer climate action, Macquarie has failed investors by radically increasing its support for fossil fuel expansion,” said Mr Pickett.
Shareholders have joined with Market Forces and Australian Ethical to file resolutions at Macquarie Group demanding the company demonstrates how it will align its finance for fossil fuels with global climate goals.
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Note to Editors:
CalPERS, the largest defined benefit public pension fund in the United States, voted
- FOR Resolution 5B, Shareholder Proposal Regarding Disclosure of Net Zero Alignment with Financing Activity.
- FOR Resolution 5b – Approve Climate Strategy and Management Disclosures
Storebrand Asset Management, Norway’s largest private asset manager, voted:
- FOR Resolution 5b – Approve Climate Strategy and Management Disclosures
KLP, Norway’s largest private pension fund, voted:
- FOR Resolution 5b – Approve Climate Strategy and Management Disclosures
Investors which joined the 2025 record 35% vote in favour of Macquarie disclosing how it’s fossil fuel funding is aligned with its commitment to the goals of the Paris Agreement include:
- Australian superannuation funds: HESTA, AustralianSuper, Australian Retirement Trust, Aware, Rest Super, Cbus, NGS Super, Vision Super
- The United Kingdom’s biggest asset manager, Legal & General Investment Management (LGIM)
- New York City Pensions Systems, Norway’s biggest private pension fund KLP
- France’s biggest bank BNP Paribas with total assets of more €2.6 trillion, $12 billion ELM Responsible Investments, United Kingdom AU$6.7 billion (£3.5 billion) Church of England Pension Board fund, UBS Asset Management, Betashares and Nordea.