MFG has updated its climate risk framework for the financial year ending June 2026, consolidating multiple climate-related risks and opportunities into three categories to provide a more focused and financially grounded disclosure. The company’s principal ESG development involves the transition from its previous risk framework to a revised set of three climate-related risks and opportunities (CROs).
Material actions and disclosures
MFG calculates its emissions from corporate business operations, measuring material Scope 3 emissions associated with its operations, including employee travel and energy loss associated with electricity distribution. The company does not have any material Scope 1 emissions. For FY26, MFG’s Scope 2 indirect emissions were 107 tCO2e, with a total per employee of 0.97 tCO2e.
MFG’s climate-related risks and opportunities are governed by the Chief Risk Officer, who is responsible for identifying, evaluating, reporting, and overseeing climate-related risks and related frameworks. The company has also established a Risk Management Framework based on Australian and international risk management standards and guidelines, which outlines the structure, procedures, and guidelines on how MFG identifies, assesses, manages, and reports on risks, including climate-related risks affecting its corporate operations.
Forward commitments
MFG recognises the urgent need to support a just and inclusive transition to net zero emissions by 2050, consistent with global efforts to limit warming to 1.5°C. The company commits to supporting the goal of net zero GHG emissions by 2050 or sooner and to working in partnership with its asset owner clients on decarbonisation goals.
MFG will continue to monitor emerging climate-related developments to safeguard long-term value for its stakeholders. The company will undertake a comprehensive assessment of climate-related risks and opportunities across the merged organisations following the acquisition of Barrenjoey on 1 July 2026.
MFG’s climate strategy is organised around four pillars: governance, strategy, risk management, and metrics and targets. The company will continue to monitor the development of climate transition policies and engage with the broader financial services industry on the evolution of disclosure requirements.
MFG’s commitment to evolving its product range and investment approach to meet client expectations on climate is a key aspect of its forward-looking strategy.
MFG’s updated climate risk framework and its commitment to supporting the global transition to net zero emissions are part of its ongoing efforts to manage and disclose climate-related risks and opportunities in a transparent and comprehensive manner.