Australia's Macquarie joins major US banks in exiting global climate coalition
Australia’s Macquarie Group has exited the Net Zero Banking Alliance (NZBA), joining six major U.S. banks that have also left the initiative aimed at achieving net-zero greenhouse gas emissions by 2050. The NZBA, formed in 2021, includes 134 banks with total assets of about $56 trillion. Macquarie did not specify its reasons for leaving but noted minimal exposure to disruptions in the U.S. green energy sector. An update on its climate activities is expected in its annual report in May 2025.
(Updates throughout with background, details)
Feb 11 (Reuters) - Australia’s Macquarie Group (MQG.AX) said on Tuesday it is exiting the Net Zero Banking Alliance (NZBA), a group of global banks aiming to align their operations with net-zero greenhouse gas emissions by 2050.
The investment bank follows six major U.S. banks - Goldman Sachs (GS.N) , Wells Fargo (WFC.N) , Citigroup (C.N) , Bank of America (BAC.N) , Morgan Stanley (MS.N) and JPMorgan (JPM.N) - which left the alliance over the last few months.
Macquarie did not provide a reason for leaving the initiative.
The NZBA, formed in 2021 as a United Nations finance initiative, consists of 134 banks across 44 countries with a combined total asset value of about $56 trillion, according to the alliance’s website.
The remaining members of this alliance include HSBC (HSBA.L) , Barclays (BARC.L) , Deutsche Bank (DBKGn.DE) and Singapore’s DBS Bank.
Earlier in the day, Macquarie said it found minimal exposure to the disruptions in the U.S. green energy sector due to President Donald Trump’s executive orders prohibiting or suspending federal funding for sustainable energy initiatives.
Macquarie said it will provide an update on its climate activities in its annual report in May 2025.
