Thursday 24 July: Customers, investors and climate scientists have joined more than 180 shareholders and Market Forces, calling on the AU$85 billion bank and financial services company, Macquarie Group, to disclose the full extent of its financing for coal, oil and gas.
Macquarie faces its first ever climate-focused shareholder resolution at the company’s annual general meeting being held in Sydney, Thursday 24 July, calling on the company to outline how its finance for fossil fuels is aligned with its net zero commitments.
There is mounting concern that Macquarie is turning its back on global climate goals after it quit the Net Zero Banking Alliance in February and more than doubled (143% increase) its finance for oil and gas over the past two years.
Morgan Pickett, Policy Analyst, Market Forces said:
“Macquarie has committed to align its billions of dollars in investments and loans with global climate goals but there’s no evidence this is happening.”
“Macquarie’s reputation as a green financial institution is completely at odds with its investments in one of Australia’s biggest new gas developments.”
Four global investors have backed the shareholder resolution, the AU$442 billion New York City Pensions Systems, Norway’s biggest private pension fund KLP, ELM Responsible Investments, which has $12 billion assets under management and the United Kingdom AU$7 billion (£3.37 billion) Church of England Pension Board fund.
Shareholders, customers and scientists are alarmed that Macquarie Group is a major funder of Beetaloo Energy and Tamboran Resources, companies pursuing what shapes to be Australia’s largest gas-fracking development in the Beetaloo Basin.
Lesley Hughes, climate change scientist and Emerita Professor of Biology said:
“As a climate scientist, I’m appalled that Macquarie Group is claiming to be green yet is lending to companies blasting ahead with new gas projects adding to irreversible global warming.”
“It’s critical that Macquarie meets its climate commitments by ending financial support for companies ramming ahead with new coal, oil and gas.”
A letter signed by more than 10,000 people is being presented to Macquarie Group Directors at the annual general meeting today, calling on Macquarie and the big four Australian banks to end support for fracking in the Beetaloo Basin.
A recent national YouGov survey found that 35% of bank customers would switch banks if they discovered they were funding fracking.
Michael Nuget, a retired chartered accountant, who recently closed a sizable Macquarie savings account due to the bank’s support for fossil fuel expansion said:
“Macquarie is robbing future generations of a liveable climate. I moved my money because I can no longer support a bank that’s actively making climate change worse.”
“Macquarie markets itself as a green bank, but when you look at what it’s actually supporting, it’s obvious this is just spin and public relations.”
“Macquarie is undermining economic stability by locking us into dependency on expensive, polluting fossil fuels when a power system based on renewable energy is a safer and cheaper option.”
Shareholders have joined with Market Forces to file resolutions at Macquarie Group demanding the company demonstrates how it will align its finance for fossil fuels with global climate goals.
For media inquiries and interviews contact:
Antony Balmain, +61-423-253-477, [email protected]