World’s top 20 private equity firms produce more greenhouse gases a year than most countries, report finds
Firms manage $7.3tn in assets and could afford to transition away from fossil fuels yet invest in natural gas and coal-fired plants to power datacenters The energy portfolios of 20 private equity firms produce 1.5bn tons of greenhouse gases a year, more than the annual emissions of any country except China, the US, India and Russia, according to a new report. Together, these firms manage $7.3tn…
A new report reveals that the world's top 20 private equity firms emit greenhouse gases equivalent to the emissions of most countries. These firms manage a combined $7.3tn in assets, affording them the ability to shape the transition away from fossil fuels. However, their investments in natural gas and coal-fired power plants to power datacenters contribute significantly to global emissions.
Half of the top 10 U.S. datacenter owners are backed by private equity firms, leading some to question the industry's contribution to global emissions. Despite efforts by some public-sector retirement systems to limit exposure to fossil fuel projects, private equity firms such as BlackRock, GIP, Energy Capital Partners, EQT, and Kayne Anderson have increased their investments in fossil fuel assets since 2010.
The report highlights potential conflicts of interest when private equity firms own both utilities and the companies that depend on them for electricity.
Written by urgent.news from The Guardian US's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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