Macquarie Exits Net-Zero Banking Alliance Amid Political and Regulatory Shifts
Macquarie, the Australia-based financial services giant, has announced its departure from the UN-backed Net-Zero Banking Alliance (NZBA), marking the first major exit from an Australian bank. While Macquarie did not provide explicit reasons for leaving, the firm stated that its climate strategy continues to evolve to align with client needs and regulatory requirements.
The move expands what had been a primarily North American trend, with major U.S. and Canadian banks already withdrawing from the alliance following political and legal pressures.
Macquarie joined NZBA in 2021 and had set financed emissions reduction targets across key sectors, covering 80% of its carbon-intensive portfolio. The firm was also a founding member of GFANZ, the broader global financial sector net-zero coalition, which recently shifted its focus toward mobilizing capital for the low-carbon transition. Macquarie remains part of GFANZ’s Principals Group but is now focusing on developing its own climate transition strategy independently.
The NZBA saw rapid growth since its 2021 launch, reaching over 140 member banks representing $74 trillion in assets. However, political backlash—particularly in the U.S.—has put pressure on financial institutions to reconsider their climate commitments, with threats of legal action and exclusion from state business for ESG-aligned policies.
Macquarie, with 34% of its net profit derived from the Americas and a growing U.S. presence, follows Wall Street and Canadian banks in leaving the alliance, signaling a broader shift in the financial industry’s approach to climate finance.
