Carlyle Emissions Surpass a Quarter Billion Metric Tons

The report finds that The Carlyle Group invested in 91 energy companies owning 972 assets between 2011 and 2021, with 90% of these being fossil fuel investments. These assets emitted an estimated 277 million metric tons of CO2e, with emissions growing at an average annual rate of 95%. The analysis highlights a significant disparity between Carlyle's fossil fuel investments ($22.4 billion) and its renewable energy commitments ($1.4 billion). Furthermore, the report documents that 84% of Carlyle's downstream US assets are located in areas with higher concentrations of low-income residents or people of color than state averages, and 47% of these plants have a record of environmental violations.

• Between 2011 and 2021, Carlyle's fossil fuel investments emitted an estimated 277 million metric tons of carbon dioxide equivalent (CO2e), with a compound annual growth rate of 95 percent per year.
• Carlyle's energy portfolio is heavily skewed toward carbon-based energy, with $22.4 billion invested in fossil fuels compared to $1.4 billion in renewable and sustainable energy, meaning it invests $16 in fossil fuels for every $1 in renewables.
• Carlyle is one of the largest owners of gas-fired power capacity in the United States, with a total capacity of 11,240 MW, including 17 natural gas plants (9,874 MW).
• The environmental burden of Carlyle's downstream fossil fuel assets in the US falls disproportionately on marginalized communities; 84% of these facilities are in areas with higher percentages of low-income residents and/or residents of color than state averages.
• Nearly half (47%) of Carlyle's fossil fuel power plants have a history of environmental violations, including breaches of the Clean Air Act, Clean Water Act, and the Resource Conservation and Recovery Act.
• Carlyle-backed companies produced nearly 1,300 million barrels of oil equivalent (mmboe) from upstream assets between 2011 and 2021, with 65% being oil-based and 35% gas-based.
• The report argues that Carlyle's 2022 net-zero emissions pledge is an example of greenwashing because it excludes Scope 3 emissions, minority-stake investments, and lacks absolute interim targets.
• Carlyle's midstream assets, which include pipelines and refineries, are primarily oil-based, with fugitive methane leakage accounting for an estimated 99% of the portfolio's midstream emissions.

APA

Global Energy Monitor (2023). Carlyle Emissions Surpass a Quarter Billion Metric Tons. https://globalenergymonitor.org/sites/default/files/migration/reports/PECR_Report_Carlyles-Hidden-Climate-Impact_April2023-1_11.pdf

Chicago

Global Energy Monitor. Carlyle Emissions Surpass a Quarter Billion Metric Tons. 2023. https://globalenergymonitor.org/sites/default/files/migration/reports/PECR_Report_Carlyles-Hidden-Climate-Impact_April2023-1_11.pdf.

Wikipedia

{{cite report |author=Global Energy Monitor |title=Carlyle Emissions Surpass a Quarter Billion Metric Tons |date=April 2023 |url=https://globalenergymonitor.org/sites/default/files/migration/reports/PECR_Report_Carlyles-Hidden-Climate-Impact_April2023-1_11.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{globalenergymonitor2023carlyle, author = {{Global Energy Monitor}}, title = {{Carlyle Emissions Surpass a Quarter Billion Metric Tons}}, institution = {Global Energy Monitor}, year = {2023}, month = apr, url = {https://globalenergymonitor.org/sites/default/files/migration/reports/PECR_Report_Carlyles-Hidden-Climate-Impact_April2023-1_11.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }