PRIVATE EQUITY AND CLIMATE
Private equity firms are fueling the climate crisis with very little accountability. In the past decade, they have invested hundreds of billions of dollars into fracked gas, offshore drilling, LNG terminals, and pipelines.
Because they can. Private equity firms operate just beyond the reach of many regulations and public disclosure requirements. They take advantage of the secrecy to buy fossil fuel assets from public companies that have been pressured by investors and consumers to reduce their greenhouse gas emissions.
For asset managers, electric utilities, and oil and gas companies trying to cut their climate impacts by offloading polluting assets – private equity is often the only buyer in town. And, through financial manipulations, private equity firms continue to get investors for these purchases even though their fossil fuel funds underperform benchmarks.
Once they purchase the fossil fuel assets – private equity firms keep them running to squeeze out every last dollar, instead of responsibly decommissioning them to help fend off the worst impacts of climate change.
PRIVATE EQUITY’S FOSSIL FUEL PROJECTS ARE HURTING PEOPLE AND COMMUNITIES
With all we know about climate change and all we experience with extreme weather, droughts, and food shortages – private equity firms continue to invest in fossil fuel projects. These are some of the many communities around the world affected by private-equity owned fossil fuel projects.