Macquarie, stop funding oil and gas projects
WHY THIS CAMPAIGN
Macquarie Bank is the 5th largest Australian bank and a wholly owned subsidiary of Macquarie Group Limited (ASX: MQG).
Although it positions itself as a green financial institution, Macquarie’s record on supporting fossil fuels expansion tells a different story.
SIX is joining with our friends at Market Forces to co-file a shareholder resolution, holding Macquarie to account for tracking in the wrong direction on climate action. Together we’ll use shareholder power to get this issue right in front of the board and executives at their Annual General Meeting in late July 2025.
The shareholder resolution is being drafted and is almost ready to go! But we need 100 supporting shareholders to join the campaign and get this issue formally on the company’s agenda.
Check out the draft resolution and join the campaign by end of the month.
PROBLEM
Macquarie is lagging behind its competitors on climate: They are the only major Australian bank with no policy restrictions on direct finance of new oil and gas fields, making them an outlier in the sector.
Talking the talk but not walking the walk: Macquarie frames themselves as green, meanwhile they are a major funder of Empire Energy and Tamboran Resources. These are the two leading oil and gas companies working to frack the Beetaloo Basin in the Northern Territory (Australia’s biggest proposed gas developments).
Winding back climate commitments: Macquarie is the only major Australian bank to have withdrawn from the Net Zero Banking Alliance, a global, member-led alliance supporting banks to align their commitments with the goals of the Paris Agreement. In 2024, Macquarie didn’t publish an annual Climate Report and stopped reporting its fossil fuel lending exposure.
OPPORTUNITY
Shareholders have a chance to push for transparency and action: The shareholder resolution will call on the company to:
- Demonstrate how it is assessing fossil fuel companies for alignment with the goal of net zero emissions by 2050;
- Publish its long-promised “detailed net zero plan”;
- Disclose their exposure to fossil fuels.
TAKE ACTION NOW!
Don’t own shares in Macquarie Group?
You can create a SIX trading account and use the SIX app to purchase shares in Macquarie Group.
Already own shares in Macquarie Group?
Sign SIX’s agency agreement ensuring you will be on the list of shareholders supporting our resolution with Market Forces on this company.
Join the campaign!
Open a SIX account to buy and pledge shares to this campaign.
open an accountWe're working together on this push. Join us!
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References
Market Forces, 12 February 2025, Macquarie's climate credentials up in smoke.
