Activists protest bank’s fossil fuel investments at AGM
Activists call on Australia’s largest investment bank to vote for a decision in favor of a decision that calls the company to explain all shares in coal, oil and gas.
The Environmental Group Market Forces gathered on Thursday with a four -meter fake gas flare of the Macquarie Bank General Assembly in Sydney CBD.
Market Forces researcher Kyle Robertson said the bank financed one of the largest gas fracking developments in Australia.
“A safe climate is the most useful option for the whole community,” he said to AAP on Thursday.
Bir A scenario that such projects will provide and warmed according to their disaster levels will be a disaster for the community.
“Frankly, we’re here with all these people to take Macquarie into account today.”
At the meeting, the shareholders will vote for Macquarie’s first climate -oriented shareholder decision and call on how the financing of fossil fuel projects of $ 86 billion is aligned with net zero commitments.
Mr. Robertson attended the protest by 19 -year -old activist Owen Magee, who said that the actions of the investment bank had a great impact on the future of the climate.
“I am really worried about how we have destroyed the territory of the first nations that have been here for more than 60,000 years,” he told AAP on Thursday.
“So it is really important to stand up for my future for me, but also for communities around the world and around the country.”
Market Forces said Macquarie has doubled its oil and gas financing in the last two years.
At the end of 2024, the Bank provided the financing of the most active gas companies in the Bank, Beetaloo Energy Australia and Tamboran Resources.
The Australian Industry, Science and Resources Department says that Beetaloo has the potential to compete in the world’s best gas projects and that it can create thousands of businesses and provide significant economic growth in the region.
Glenn Stevens, Chairman of the Board of Directors of Macquarie, suggested that shareholders reject the climate decision during Thursday’s meeting.
The company said that it was consistent in its response to climate change over the years and accepted the best current science.
“Today we think that closing oil and gas is not applicable, Stev said Stevens.
“Even if Net Zero is followed, we know the fact that the world will need carbon -based energy for a while.”
Market forces said that four global investors support the shareholder decisions: New York City’s pension funds, England’s Church of England and the largest Private Pension Fund in Norway and ELM responsible investments, Melbourne -based Fund Manager.
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