Australia’s fifth largest bank invests big in oil and gas despite net zero ambitions

A report found the Macquarie Group invested some $5b in high-growth oil and gas production.

The Macquarie Group, Australia’s fifth largest bank, invested some $5b in high-growth oil and gas production, a report found.

The Institute for Energy Economics and Financial Analysis (IEEFA) urged investors of the bank to question its investments, considering its net zero ambitions.

“Our analysis finds that Macquarie Group’s actions directly contradict its climate commitments,” IEEFA Australia CEO Amandine Denis-Ryan and energy finance analyst Saurabh Trivedi, said in the report.

According to the report, Macquarie Group holds a 5% stake in Beach Energy, a company targeting aggressive new developments across five different basins in Australia and New Zealand in the next two years.

It also provided a AU$15m in finance to Empire Energy to support the development of the Beetaloo Basin gas project.

It also has an undisclosed contribution to the AU$3b loan for Southwestern Energy, a US company whose expansion could lead to emission that is higher than Australia’s 2021 emissions.

“The investments identified in this report add up to about AU$5b. A more comprehensive analysis of Macquarie Group’s exposure to upstream oil and gas companies through shares and bonds (excluding loans) found about AU$7.7b of exposure,” Denis-Ryan said.

Follow the link for more news on

IEEFA

Also Read

ADB and Buskowitz commit $12m to boost rooftop solar in the Philippines

Tata Power Solar and Indian Bank partner to offer financing for rooftop solar

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit