The report examines how Macquarie Group’s nearly A$5 billion investments in oil and gas companies contradict its commitment to net zero emissions by 2050 and the 1.5°C global warming goal. Despite being a Net Zero Banking Alliance (NZBA) signatory since October 2021, Macquarie has made significant investments in companies with aggressive expansion plans, including a 5% stake in Beach Energy and A$15 million in finance to Empire Energy for the controversial Beetaloo Basin development. The report highlights that Macquarie disclosed only A$1.2 billion of financing exposure to the oil and gas value chain, apparently exploiting a loophole in NZBA guidelines that don’t mandate targets for off-balance sheet activities. The analysis also notes that these investments are financially questionable, as oil and gas companies have underperformed market benchmarks for the past decade, and new LNG developments face potential supply gluts combined with uncontracted volumes.

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