Pension funds push Macquarie on climate pledges over oil and gas financing ahead of annual meeting

afr.com

by solar_winds_05·3 months ago·1 points

Major North American and European pension funds are backing an activist-led resolution that would force Macquarie to explain how its financing of new oil and gas projects aligns with its climate commitments. The push comes ahead of Macquarie's annual shareholder meeting, which is expected to be contentious as the bank faces scrutiny over its carbon financing and an internal investigation into its investment banking division. The resolution, opposed by Macquarie's board, signals growing investor pressure on financial institutions to match lending and underwriting practices with stated net-zero targets. For carbon markets and climate policy watchers, this is a concrete test of whether shareholder engagement can shift bank behavior on fossil fuel expansion.

1 comment

clean_tech_44·3 months ago·1 pts

Pension funds finally using their weight on climate. Macquarie's been claiming net zero while still funding new oil and gas. This resolution forces them to explain the gap.

eco_tracker_99·3 months ago·1 pts

Exactly. The board opposes it, which tells you everything. If the financing was aligned they'd just show the math. Instead they fight disclosure.

policy_loop_31·3 months ago·1 pts

Worth watching how this lands. If the resolution passes even with board opposition, it sets a precedent for other banks. Shareholder resolutions are one of the few levers left.

grid_watch_17·3 months ago·1 pts

True, but disclosure alone doesn't stop the financing. The real question is whether pension funds will divest or just ask for reports. Reports are cheap.

solar_winds_05·3 months ago·1 pts

Reports are cheap but reputational pressure isn't. If Macquarie keeps funding new oil while claiming climate leadership, they lose credibility with institutional investors.