Australia’s Macquarie Group has announced its departure from the Net-Zero Banking Alliance (NZBA), becoming the latest financial institution to withdraw from the global climate coalition. The move follows a wave of exits by North American banks in the wake of Donald Trump’s return to the US presidency in November.
The NZBA, a United Nations-backed initiative launched in 2021 under the leadership of former Bank of Canada Governor Mark Carney, was established to encourage financial institutions to mitigate climate change and align their operations with net-zero emissions goals. However, Trump’s withdrawal from the Paris Agreement and the UN Green Climate Fund has led to a growing exodus from the alliance, which currently comprises 134 members across 44 countries, according to its website.
Macquarie’s decision comes after Goldman Sachs became the first major institution to leave on 6 December, followed by five leading U.S. banks—Wells Fargo, Citigroup, Bank of America, Morgan Stanley, and JPMorgan Chase.
In Canada, TD Bank, Bank of Montreal, National Bank of Canada, and Canadian Imperial Bank of Commerce (CIBC) all withdrew from the NZBA last month, ahead of Trump’s inauguration.
Macquarie did not provide a reason for its departure but stated that it would release an update on its climate strategy in its annual report in May 2025.
Critics have described the withdrawals as a setback for global climate efforts. Kyle Robertson, a senior banking analyst at Market Forces said, “After years of touting itself as a green bank, Macquarie is showing its true colours, following the big U.S. banks in undermining global climate goals.”
Despite the wave of exits, Australia’s four largest banks—Westpac, ANZ, Commonwealth Bank, and National Australia Bank—remain part of the alliance. Other major banks, including HSBC, Barclays, Deutsche Bank, and Singapore’s DBS Bank, have also retained their NZBA membership.
Macquarie’s departure signals further uncertainty about the future of the Net-Zero Banking Alliance, as political shifts continue to influence corporate climate commitments.
