Macquarie Group Faces Climate-Focused Shareholder Resolution at Annual General Meeting

MT Newswires Live09:24

Macquarie Group (ASX:MQG) faces a shareholder resolution at an annual general meeting on Thursday asking it to explain how its financing of new oil and gas projects aligns with global climate goals, environmental not-for-profit organization Market Forces said in a same-day statement.

Market Forces said some of Macquarie's major international investors, including the California Public Employees' Retirement System and the New York City Pensions fund, have voted in favor of the resolution, which now has backing from more than 160 shareholders.

The company has "abandoned its pledge to the global goal of net zero by 2050 and is supersizing its support for dangerous new fossil fuel projects," the environmental organization said.

It added that Macquarie tripled its oil and gas financing over the past three years, including the bankrolling of Australia's biggest proposed fracking development in the Northern Territory's Beetaloo Basin, while the country's four largest banks cut lending for oil and gas extraction by almost AU$8 billion over the same period.

Macquarie did not immediately respond to a request for comment from MT Newswires.

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