Macquarie Group, one of Australia’s largest financial institutions, announced on Tuesday its withdrawal from the Net-Zero Banking Alliance, a significant UN-backed climate initiative. This decision follows similar exits by several North American banks from the coalition.
The NZBA, launched in 2021 under the leadership of former Bank of Canada Governor Mark Carney, is a global partnership that aims to mobilize financial institutions in combating climate change and achieving net-zero emissions. The alliance has served as a key platform for banks to coordinate their climate-related commitments and actions.
The NZBA currently maintains a substantial global presence with members across numerous countries, according to its website. The alliance has faced ongoing debate about the balance between climate commitments and business interests.
Several major banks have previously reconsidered their membership in climate initiatives. Financial institutions typically review their involvement in such coalitions based on various factors, including their business strategy, regulatory environment, and stakeholder interests.
Macquarie has not provided specific reasons for its withdrawal but indicated it would provide updates on its climate-related activities in its next annual report. The company has historically been active in renewable energy and infrastructure investments.
“This decision raises questions about Macquarie’s commitment to climate goals,” commented Kyle Robertson, a senior banking analyst at Market Forces.
Australia’s four largest banks – Westpac, ANZ Group Holdings, Commonwealth Bank of Australia, and National Australia Bank – currently maintain their membership in the alliance
