Wednesday 20 May: More than 160 shareholders have joined with Market Forces to demand Macquarie Group explains how increasing its fossil fuel lending, slashing its green energy investments and watering down its climate strategy is consistent with its commitment to the goals of the Paris Agreement.
Since a record breaking 35% of shareholders voted at Macquarie’s 2025 annual general meeting for the investment bank to improve its climate risk disclosures, the Group has wound back its climate commitments and increased support for fossil fuel expansion.
Macquarie has tripled funding for oil and gas in the past four years and the bank’s retreat from climate action has devastating implications for our environment, communities and the economy.
Macquarie Group has raced past three of the big four banks, Commonwealth Bank, NAB and Westpac to become Australia’s second largest banker of oil and gas extraction.
Morgan Pickett, Banks Analyst, Market Forces said:
“Shareholders are asking: how can Macquarie claim to support the Paris Agreement while backing companies pursuing massive new fossil fuel expansion? It can’t do both.”
“Macquarie is playing a central role in bankrolling a dangerous new fossil fuel frontier, the Beetaloo Basin in the Northern Territory, that could become one of the world’s largest gas fracking developments.”
As outlined in the shareholder resolution filed with Macquarie Group: Beetaloo is a new gas basin planned to operate from the 2030s into the 2070s, with projected lifetime emissions of over 1 billion tonnes of carbon dioxide equivalent at full scale, enough to wipe out more than 400 times the yearly emissions saved from 14 renewables projects Macquarie Bank financed in 2024.
The environmental and health dangers of fracking have led to bans in at least 15 countries globally, as well as in Victoria, Tasmania and most of Western Australia.
Macquarie is a key backer of the Beetaloo Basin’s leading fracking companies, Beetaloo Energy and Tamboran Resources, that have no climate transition plans and are reliant on external funding.
Beetaloo fracking companies have confirmed the majority of gas is destined for export and evidence indicates the development could lead to energy price increases for Australians.
“The world’s leading climate and energy bodies say that fossil fuels must wind down to avoid catastrophic climate change, yet Macquarie is increasing support for massive coal, oil and gas developments,” said Mr Pickett.
“Macquarie is backpedalling on climate at a scary speed. After recently abandoning its no-coal policy, the bank is supporting Whitehaven Coal, which is hellbent on the largest coal expansion plans in Australia.”
The Shareholders have joined with Market Forces and Australian Ethical to co-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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