Macquarie Bank is fuelling climate chaos

Dubbed the ‘millionaire factory’ and now the third biggest bank, Macquarie Bank is a major shareholder of NT fracker Empire Energy and loans billions to oil and gas every year.

Macquarie likes to talk up its climate commitments, but on closer inspection, the bank fails on every count. Investing billions in oil and gas around the world fuels climate chaos. 

Sign the petition now to demand Macquarie: 

  • Rule out new corporate and project loans to coal, oil and gas
  • Reduce fossil fuel exposure to zero by 2030

Macquarie Bank must end oil and gas lending and commit to ending fossil fuels.

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How much does Macquarie lend to fossil fuels?

As at July 2020, Macquarie Group reported $200 million in loan assets to coal, $900 million in loan assets to Oil and Gas, and $100 million in equity investments for Oil and Gas. Macquarie have no formal policies in place to exit the coal sector. Instead they claim that the company’s “expectation” is that coal exposure will fall to zero “in the next few years.”

Macquarie and NT fracking

Macquarie is a majority shareholder in ASX-listed Empire Energy – a company leading the push to frack the Beetaloo Basin in the Northern Territory. The Beetaloo Basin is a large gas basin that if developed would be a disaster for our climate, with the potential to release up to 393 million tonnes CO2 equivalent. Traditional Owners have said no to fracking on their land, and local communities are also opposed to opening up the Beetaloo Basin.

 “The US shale oil and gas revolution is coming to Australia, the company stated in a recent investor presentation. 

Macquarie and the Santos Barossa project

Santos plans to develop the Barossa gas field in pristine waters north of the Tiwi Islands in the Northern Territory, Australia. If they succeed, it will be the dirtiest offshore gas project in Australia, possibly the world. If the Barossa gas is extracted, developed and burned, it would release 15.6 million tons of carbon dioxide emissions annually. The project as approved will create by far the highest level of emissions per tonne of LNG of all projects in Australia, and will in fact create more emissions than LNG.

Macquarie Bank owns a 24% stake in the joint venture project.

“Nobody told any of us that this was happening. We have not been consulted. There are going to be huge risks if this does go ahead without any consultation with the Tiwi people… We want to know why we haven’t been told anything up until now.”

Antonia Burke, Dardawunga Impajimawu, Tiwi Islands resident

Macquarie Bank’s climate hypocrisy

Macquarie is publicly committed to the Paris Agreement and a number of global climate initiatives, but remains a significant investor in the expansion of coal, oil and gas across the world.

Macquarie is also heavily exposed to oil and gas, through investments in state-owned energy giants and in private firms such as Marathon Oil, Halliburton and Chevron. It’s the second largest gas trader in North America and locally it’s a major investor in ASX minnow Empire Energy, which promises to bring the U.S.’ methane-spewing shale boom to Australia.

Macquarie has participated in more than 10 project and corporate finance deals for the gas industry since January 2018. The company is also the second largest gas marketer in North America, trading around 13 billion cubic feet of natural gas every day.

Macquarie’s clear exposure to and interest in prolonging the gas industry is at odds with its own stated commitment to the Paris Agreement and its modelling of the transition away from gas.

In fact, Macquarie already loaned $28 million to Strike Energy for ‘pre-development expenditure’ on the West Erregulla project, and could provide further funding once Strike and Warrego make a ‘final investment decision’

What can Macquarie Bank do?

Rule Out

Rule out new corporate and project loans to coal, oil and gas


Reduce fossil fuel exposure to zero by 2030


Invest in the rapid and fair transition to renewable energy

We can have a better future, safe from the impacts of climate change.