Private Equity 2022 Scorecard

The 2022 Scorecard evaluates eight major private equity firms managing $3.6 trillion in assets, finding that ten of the largest buyout firms held at least 80 percent of their energy portfolios in fossil fuels as of October 2021. The Carlyle Group received the lowest grade (F), with its downstream power plants emitting over 10.8 million metric tons of carbon dioxide in 2020. Other firms including Warburg Pincus, KKR, Brookfield, Ares, Apollo, and Blackstone Group received Ds, while TPG earned a B. The report highlights a lack of transparency, noting that The Carlyle Group's TCFD report excludes its fossil-fuel-focused subsidiary, NGP Energy Capital, despite NGP contributing nearly 61 percent of the firm's profit in the first half of 2022. The authors demand that firms align with 1.5°C targets, cease fossil fuel expansion, disclose all emissions, and integrate climate and environmental justice.

• As of October 2021, ten of the largest private equity buyout firms maintained energy portfolios consisting of at least 80 percent fossil fuels.
• The Carlyle Group was ranked as the worst fossil fuel backer among the eight firms assessed, receiving a grade of F. Its downstream power plants emitted more than 10.8 million metric tons of carbon dioxide in 2020, while Blackstone emitted 18.1 million metric tons.
• The Carlyle Group's climate reporting is criticized for omitting NGP Energy Capital from its 2021 TCFD report, despite NGP focusing almost exclusively on fossil fuels and providing nearly 61 percent of the firm's profit and nearly 20 percent of its revenue for the first half of 2022.
• Among the eight firms overseeing $3.6 trillion in assets, TPG earned a B due to a smaller fossil fuel portfolio and more progress toward a clean energy transition, while Warburg Pincus, KKR, Brookfield, Ares, Apollo, and Blackstone Group all earned Ds.

APA

Parr, M. (2025). Private Equity 2022 Scorecard. Private Equity Climate Risks. https://www.peclimaterisks.org/private-equity-2022-scorecard/

Chicago

Parr, Matt. Private Equity 2022 Scorecard. Private Equity Climate Risks, 2025. https://www.peclimaterisks.org/private-equity-2022-scorecard/.

Wikipedia

{{cite report |last1=Parr |first1=Matt |title=Private Equity 2022 Scorecard |publisher=Private Equity Climate Risks |date=17 January 2025 |url=https://www.peclimaterisks.org/private-equity-2022-scorecard/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{parr2025private, author = {Parr, Matt}, title = {{Private Equity 2022 Scorecard}}, institution = {Private Equity Climate Risks}, year = {2025}, month = jan, url = {https://www.peclimaterisks.org/private-equity-2022-scorecard/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }