(Reuters) – Australia’s Macquarie Group 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, Wells Fargo, Citigroup, Bank of America, Morgan Stanley and JPMorgan – 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, Barclays, Deutsche Bank 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.
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Varun H K)
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