FOR IMMEDIATE RELEASE
Feb. 7, 2024
William Pierre-Louis, Jr.
Researchers Unveil Searchable Database of Top Private Equity Energy Portfolios
Washington, D.C. – Private Equity Climate Risks is launching the Private Equity Energy Tracker, the first-of-its-kind, searchable portal that provides a catalog of the energy holdings of eight of the top North American private equity firms: KKR, The Carlyle Group (NGP), Brookfield (Oaktree Capital), The Blackstone Group, TPG Capital, Warburg Pincus, Apollo Global Management, and Ares Management. Collectively, they hold around $4.3 trillion in assets under management (AUM).
The private equity industry has been quietly expanding into the energy sector for decades, while fighting efforts to allow investors and the public from accessing the true scope of their ownership and influence. The Private Equity Energy Tracker will allow investors, climate campaigners, community members, journalists, and academics to investigate the role the private equity industry is playing in the continued production and distribution of fossil fuels.
“We knew that private equity has been secretly expanding into the global energy sector, but this data has been truly eye-opening,” said Dustin Duong, research associate at Americans for Financial Reform Education Fund (AFREF). “It punctures their claim that they understand the urgency of the energy transition and the need to pivot to investments that can help solve the climate crisis. Until they stop supporting polluting industries, their claim of protecting communities, especially those in minority and low-income neighborhoods, will always ring hollow.”
“The Private Equity Energy Tracker finally does what private equity firms refuse to do themselves: disclose their energy portfolios to the public,” said Amanda Mendoza, senior campaign and research coordinator at the Private Equity Stakeholder Project (PESP). “Private equity firms consistently limit disclosure of the extent of their energy portfolios to their investors and to the public. We hope that pension funds and other investors finally have the tools to realize the frightening risks their capital faces when exposed to these private equity-owned fossil fuel companies. These top private equity firms intentionally want their fossil fuel investments to remain shrouded in secrecy, but with the new Energy Tracker, the hidden risks of PE’s dirty investments are showcased for the world to see.”
The dataset reveals that during 2023 these major private equity firms were invested in at least 116 fossil fuel companies out of 184 energy companies overall, with Brookfield and The Carlyle Group owning the largest number of fossil fuel energy companies. The PE Energy Tracker shows that some of the most polluting fossil fuel projects in North America are owned and operated by the firms. This includes the Gen. James Gavin Power Plant in Ohio, one of the largest and top-emitting coal-fired power plants in the United States, and the Colonial Pipeline, the United States’ largest refined products pipeline.
Besides the United States, these firms have sizable investments in at least 17 different countries spanning both developed markets such as Canada and the United Kingdom as well as emerging economies including India and Brazil.
“The Private Equity Energy Tracker will allow deeper investigation into the ownership of these energy companies and their assets,” said Alyssa Moore, researcher at Global Energy Monitor (GEM). “Curious about the energy holdings of a specific private equity firm, or the ownership of a particular energy company? This database can be a place to start.”
The Private Equity Climate Risks project is a collaborative effort investigating private equity’s impact on the climate crisis by Americans for Financial Reform Education Fund (AFREF), Global Energy Monitor (GEM), and the Private Equity Stakeholder Project (PESP).
About Americans for Financial Reform Education Fund
Americans for Financial Reform Education Fund (AFREF) is a nonpartisan, nonprofit coalition of more than 200 civil rights, community-based, consumer, labor, business, investor, faith-based and civic groups, along with individual experts. Our mission is to fight to create a financial system that deconstructs systemic racism and inequality and promotes a just and sustainable economy. Follow AFREF at www.ourfinancialsecurity.org and on Twitter @RealBankReform.
About Global Energy Monitor
Global Energy Monitor (GEM) develops and shares information in support of the worldwide movement for clean energy. By studying the evolving international energy landscape, creating databases, reports, and interactive tools that enhance understanding, GEM seeks to build an open guide to the world’s energy system. Users of GEM’s data and reports include the International Energy Agency, United Nations Environment Program, the World Bank, and the Bloomberg Global Coal Countdown. Follow GEM at www.globalenergymonitor.org and on Twitter @GlobalEnergyMon.
About the Private Equity Stakeholder Project
The Private Equity Stakeholder Project (PESP) is a nonprofit organization with a mission to identify, engage, and connect stakeholders affected by private equity with the goal of engaging investors and empowering communities, working families, and others impacted by private equity investments. Follow PESP at www.pestakeholder.org and on Twitter @PEstakeholder.