Macquarie shareholders call for transparency

More than 180 shareholders are calling on Macquarie Group to disclose the full extent of its financing for fossil fuels and outline how it will ensure alignment with its climate commitments.

The Macquarie shareholders, along with Market Forces, filed a resolution to be voted on at the company's July annual general meeting, demanding Macquarie disclose the full extent of its fossil fuel exposures, which leave it vulnerable to climate-related financial risks.

Shareholders are calling on Macquarie to outline how it will assess fossil fuel companies and projects within its portfolios to ensure they don't breach the Group's commitment to align its financing activity with the global goal of net zero emissions by 2050.

Market Forces chief executive Will van de Pol said while Macquarie claims it is a leader in financing for renewable energy, it is failing to disclose the full extent of its investments in coal, oil and gas.

"Shareholders want Macquarie to come clean on its financing of fossil fuel expansion, which undermines the company's climate commitments," van de Pol said.

"Macquarie is emerging as the 'drill baby drill' bank of Australia. It's financing companies like Empire Energy and Tamboran Resources to develop dangerous fracking in the Northern Territory's Beetaloo Basin, completely at odds with the Paris Agreement's goals to limit climate change."

According to the resolution, Macquarie has arranged a $65 million financing package for Empire Energy and $35 million loan to Tamboran Resources.

van de Pol said Beetaloo risks becoming Australia's largest and highest-emitting gas field, estimated to produce 1.1 billion tonnes of carbon pollution, equal to operating Australia's largest coal power plant, Eraring, for more than 83 years.

"Macquarie has more than doubled its exposure to oil and gas in the past two years and is heading in the wrong direction when Australia's big four banks are all winding back fossil fuel lending," van de Pol said.

"Macquarie's increasing finance for dangerous fossil fuel expansion is undermining its claim to be supporting the critical shift to clean energy."