Macquarie group faced shareholder scrutiny over its climate commitments, with a resolution demanding the company detail how its financing of fossil fuel projects aligns with its net-zero targets.
The resolution, which ultimately did not pass, sought greater clarity regarding the bank’s exposure to fossil fuels and its financing activities in the sector.
Environmental advocates expressed particular concern over macquarie’s involvement in financing the proposed large-scale gas development in the North beetaloo Basin.
“The reality is that Macquarie’s fossil fuel financing activities are categorically not coordinated with its climate commitment,” stated Kiel Robertson, an analyst with a climate activist group, in comments to The Agm.
Many financial institutions maintain climate policies but continue to fund new fossil fuel projects, a practice that contradicts scientific analyses indicating that emissions from existing fossil fuel infrastructure alone exceed what is permissible to meet global climate goals.
A spokesperson for Macquarie, identified as stevens, defended the company’s stance, asserting it is indeed consistent with the Australian federal government’s policy, which permits the expansion of gas production as a transitional fuel towards renewable energy.
“It’s part of the transition; macquarie is involved in it,” Stevens commented.
