Macquarie climate disclosure scrutiny intensifies | Australian Markets

Australian Ethical has develop into the latest to affix the growing record of industry gamers calling on Macquarie Group to reveal the complete extent of its climate-related financial risk to shareholders.

This comes on the similar time because the firm confronted its first climate-focused shareholder decision at its annual basic assembly final Thursday, which acquired 35 per cent in favour and has intensified calls for that Macquarie show how its finance for fossil fuel firms aligns with its commitments to a internet zero transition by 2050.

According to a assertion from Australian Ethical, the Big Four Australian banks have adjusted their climate disclosure practices to make sure financing of oil and fuel sector firms is contingent on having strong climate transition plans in place.

Macquarie’s asset management division and its publicity to fossil fuels was singled out as being significantly unclear and missing in transparency for shareholders, with Australian Ethical requesting the firm present a greenback determine totalling its fossil fuel publicity.

“Without this disclosure, Macquarie’s shareholders have no way to identify and price Macquarie’s climate-related financial risks. Shareholders also have no way of evaluating Macquarie’s alignment with its net zero commitments and whether it’s meaningfully delivering on its transition strategy,” the assertion stated.

“We want Macquarie to step-up and be transparent with them about its climate-related financial risks,” Ethical Stewardship Lead at Australian Ethical, Amanda Richman, stated.

“Whether you’re an moral investor or not, time is working out on unsustainable fossil fuel initiatives and Macquarie must disclose its publicity.  

“A smooth and orderly transition toward net zero is in Macquarie’s long-term interest, but without better transparency from the company it’s not clear to shareholders where they stand.” 

Further commentary from Market Forces has additionally raised issues over “Macquarie’s reputation as a green financial institution” and its dedication to its international climate objectives given its latest actions, having departed the Net Zero Banking Alliance in February and its more-than-doubled (143 per cent increase) finance for oil and fuel over the previous two years in line with its FY25 Sustainability Report.

“Shareholders and community members have delivered a resounding reprimand to Macquarie‘s shameful backsliding on its climate commitments,” Will van de Pol, Chief Executive Officer at Market Forces, stated.

“Investors holding AU$17 billion in Macquarie shares have demanded the company comes clean on its assist for polluting fuel growth, leaving its inexperienced repute in ruins.

“Macquarie must not put another cent towards unleashing harmful gas fracking in the Northern Territory, which is undermining global climate goals.”