Top 20 Private Equity Firms Emit 1.5 Billion Tonnes CO2

The Private Equity Climate Risks Consortium reports that the energy portfolios of the world's top 20 private equity firms emit 1.5 billion tonnes of greenhouse gases annually. This volume of emissions exceeds the yearly output of every country except China, the United States, India, and Russia.

These firms manage $7.3 trillion in assets, including 370 fossil fuel-powered plants and 15,000 miles of pipelines. The report identifies a growing link between private equity, fossil fuel infrastructure, and the energy demands of AI data centers. For instance, Blackstone invested $2.16 billion in Northern Indiana Public Service Company, which subsequently planned a 2,300 MW natural gas plant.

While firms such as EQT and BlackRock maintain they support the energy transition, the consortium found that some firms expanded their fossil fuel holdings since 2024. The report further challenges the industry's claims of reliable returns, stating that 145 oil and gas-focused private equity funds launched since 2001 have delivered returns of only about 1% above the initial investment amount.