107 - Macquarie Group’s exit from the Net Zero Banking Alliance

A trend or a turning point?

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The Climate Mentor
February 19th, 2025 • Estimated Reading Time: 5 minutes

Another major exit from the NZBA ♻️

Another day, another exit from the Net Zero Banking Alliance.

This time, it’s Macquarie Group, the Australian financial giant known for its deep involvement in infrastructure and energy investments.

Following the departures of Wells Fargo and Goldman Sachs, which we covered in "Wells Fargo exits climate banking group - Net Zero Blow Up?”, Macquarie’s move signals a deeper shift in the financial world.

The question now is: Are we witnessing a slow collapse of voluntary net-zero commitments?

As banks distance themselves from the NZBA, investors must rethink the future of climate-aligned finance.

Is this a short-term retreat, or does it reflect a longer-term shift in how banks approach decarbonization?

A bar and line chart illustrating Macquarie Group's Scope 1 and Scope 2 emissions (in tCO₂e) alongside total energy use (in terajoules) from FY20 to FY24. Scope 1 emissions remain low, while Scope 2 emissions have significantly decreased from 29,767 tCO₂e in FY20 to 22,121 tCO₂e in FY21, and reach near zero in subsequent years. Total energy use shows a declining trend over the same period.

Macquarie Group Scope 1 & 2 Emissions and Total Energy Use (FY20-FY24)

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