Macquarie Group (ASX:MQG) will exit the UN-convened net zero banking alliance as it shifts focus to updating and delivering its decarbonization plans in alignment with evolving regulatory requirements, the company said in a statement on Tuesday.
The alliance was formed when global banks including MQG committed to align their lending, investment, and capital markets activities with net-zero greenhouse gas emissions by 2050.
The firm will continue to work on its net zero strategy and provide updates in its annual report in May, per the statement.
As part of its climate strategy, Macquarie is transitioning Macquarie Asset Management's green investments off its balance sheet, with ongoing fundraising for funds targeting climate solutions, the statement added.
Shares of the company rose nearly 2% in recent Wednesday trade.
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