Australia’s Macquarie Group has announced its decision to exit the Global Climate Coalition (GCC), joining major US banks such as JPMorgan Chase and Bank of America in stepping away from the organization. The move comes amid growing scrutiny of the coalition’s effectiveness in addressing climate change and aligning with global sustainability goals.

Macquarie, a leading financial services provider, stated that it would focus on its own climate initiatives, including investments in renewable energy and carbon-neutral projects. “We believe that direct action and independent strategies will allow us to make a more meaningful impact,” said a Macquarie 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 weaken the coalition’s influence and prompt a broader reevaluation of corporate climate commitments.