Macquarie Joins Wall Street-Led Exodus From Banking Climate Club
- Australian lender defends work with carbon-intensive sectors
- Bank says energy transition remains important area of activity
Macquarie Group Ltd., a major backer of global renewable energy and green investments, has joined banks in the US and elsewhere in quitting the finance sector’s top climate alliance.
Sydney-based Macquarie follows peers including Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. in leaving the Net-Zero Banking Alliance, which had asked members to ensure their financed emissions were aligned with “pathways to net zero” by 2050 at the latest.