MACQUARIE GROUP | Climate Strategy and Management Disclosures (conditional on Item 5a. being passed) at MACQUARIE GROUP
How other organisations have declared their voting intentions
| Organisation name | Declared voting intentions | Rationale |
|---|---|---|
| Australian Ethical Investment Ltd. | For | Macquarie Group's climate positions are unclear. In its most recent annual reporting it no longer refers to 'aligning its financing activity with the global goal of net zero emissions by 2050'. In presentations to investors Macquarie Group says it is still committed to aligning its lending with the goals of the Paris Agreement - this position is not in writing in its public disclosures. Further, Macquarie Group's financing practices do not seem aligned with its stated and implied climate commitments. Macquarie Group says: - it continues to support the goals of the Paris Agreement - it supports a managed, orderly and just transition - it seeks to balance energy security and climate considerations. However: - its oil and gas lending is increasing and unlimited - it conducts no assessment of alignment of oil and gas financing with the Paris Agreement, the transition, or an appropriate energy - climate balance. (It has emissions intensity targets but emissions-intensity targets do not do that work) - it seems to suggest that the need for some new oil and gas, and the limited but ongoing role for gas in the energy transition, justifies any oil and gas financing |
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