By Australia’s Macquarie Group has joined major US banks in exiting the Global Climate Coalition (GCC), signaling a shift in how corporations approach climate action. The move reflects a growing trend among financial institutions to pursue independent sustainability initiatives rather than relying on collective efforts.
Macquarie, known for its investments in renewable energy and infrastructure, stated that it would focus on direct action to achieve its climate goals. “We believe that independent strategies will allow us to make a more meaningful impact,” said a company spokesperson.
The GCC, which includes major corporations and financial institutions, has faced criticism for its slow progress in achieving climate targets. Analysts suggest that the departure of key members could prompt a broader reevaluation of corporate climate commitments and the role of industry coalitions.