The bank received a ‘D’ rating from the Asset Owners Disclosure Project (AODP), making it not only the lowest ranked Australian organisation, but the lowest in the world domiciled outside of the USA and Japan.
“Macquarie, the sole Australian investment manager included in this index, will have to dramatically improve its climate credentials, with the impending acquisition of the UK’s Green Investment Bank, which has just been given the green light by UK courts,” the AODP said in its report.
A spokesperson from Macquarie said the bank disagrees with the rating it received in the AODP’s recent report and noted the bank has a number of processes in place to identify climate change risks.
“Macquarie rejects any suggestion it does not recognise the financial risks of climate change,” the spokesperson said.
“As a significant global asset manager, Macquarie is fully committed to ensuring environmental risks are identified and managed responsibly in our business activities and relationships, and each member of staff shares the responsibility for identifying and managing these risks as part of normal business practice.”
The spokesperson said the bank did not participate in the AODP’s survey, but that it does participate in a number of similar industry initiatives including the UN Principles for Responsible Investing (which Colonial First State recently became a signatory to) and the Carbon Disclosure Project.
“Macquarie also reports on environmental, social and governance matters, including detailed information on its Operational Carbon Footprint and Management of Environmental and Social Risks, through its Annual Financial Report,” the spokesperson said.
According to the spokesperson, Macquarie Bank has invested $14 billion into renewable energy projects since 2010 and is “aware of the opportunities and responsibilities” associated with shifting to a low-carbon economy.
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