FOR IMMEDIATE RELEASE: Feb. 4, 2025
CONTACT:
Jarice Thompson,
jarice@ourfinancialsecurity.org
Researchers Expand Database of Top Private Equity Energy Portfolios
20 private equity firms own at least 264 fossil fuel companies, over half of their energy portfolios
The Private Equity Climate Risks project unveiled an update to its public database of the energy holdings of 20 of the world’s largest private equity firms, the Private Equity Energy Tracker, bringing into focus the latest state of private equity investments in the energy sector.
As of January 2025, 20 private equity firms were invested in at least 264 fossil fuel companies out of 407 energy portfolio companies overall, over half of the group’s overall energy holdings. Three firms in particular – Quantum Capital Group, Warburg Pincus and Kayne Anderson – concentrated over 90 percent of their respective portfolios in dirty assets. Private equity’s footprint extends to at least 40 countries, including the United States, Canada, India, Brazil, Rwanda and the Philippines.
“Whenever we take a closer look at the private equity industry and its investments, we see how the industry is standing in the way of a just transition and the need to pivot to solutions to stave off climate catastrophe,” said Dustin Duong, research associate at Americans for Financial Reform Education Fund (AFREF). “Until private equity firms stop supporting polluting industries, their claim of protecting communities, especially communities of color and low-income neighborhoods, will ring hollow.”
For decades, the private equity industry has been quietly expanding into the energy sector while fighting efforts to allow investors and the public from accessing the true scope of their ownership and influence. The Private Equity Energy Tracker allows investors, climate activists, community members, journalists, and academics to investigate the role the private equity industry is playing in the continued production and distribution of fossil fuels.
This latest update to the Energy Tracker shows that some of the most polluting fossil fuel projects in North America are still owned and run by the firms, despite longstanding community opposition to their operations. This includes the Cameron LNG terminal in Louisiana, which has garnered attention for its environmental violations, as well as the Colonial Pipeline, the United States’ largest refined products pipeline, which was responsible for the country’s biggest gasoline spill in 2020.
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).
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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 Bluesky @forfinanicalreform.bsky.social.
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 Programme, 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.