Macquarie climate disclosure scrutiny intensifies post-resolution

Yasmine Raso

Senior Journalist, Financial Newswire

28 July 2025

Australian Ethical has become the latest to join the growing list of industry players calling on Macquarie Group to disclose the full extent of its climate-related financial risk to shareholders.

This comes at the same time as the firm faced its first climate-focused shareholder resolution at its annual general meeting last Thursday, which received 35 per cent in favour and has intensified demands that Macquarie show how its finance for fossil fuel companies aligns with its commitments to a net zero transition by 2050.

According to a statement from Australian Ethical, the Big Four Australian banks have adjusted their climate disclosure practices to ensure financing of oil and gas sector companies is contingent on having robust climate transition plans in place.

Macquarie’s asset management division and its exposure to fossil fuels was singled out as being particularly unclear and lacking in transparency for shareholders, with Australian Ethical requesting the firm provide a dollar figure totalling its fossil fuel exposure.

“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 statement said.

“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, said.

“Whether you’re an ethical investor or not, time is running out on unsustainable fossil fuel projects and Macquarie needs to disclose its exposure.  

“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 also raised concerns over “Macquarie’s reputation as a green financial institution” and its commitment to its global climate goals given its recent actions, having departed the Net Zero Banking Alliance in February and its more-than-doubled (143 per cent increase) finance for oil and gas over the past two years according to 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, said.

“Investors holding AU$17 billion in Macquarie shares have demanded the company comes clean on its support for polluting gas expansion, leaving its green reputation in ruins.

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