Time for full transparency from Carlyle: A guide for investors

The Private Equity Stakeholder Project argues that The Carlyle Group lacks transparency in its climate reporting by excluding its majority-owned subsidiary, NGP Energy Capital, from its ESG and net zero goals. The document notes that Carlyle has lagged behind peers in renewable energy fundraising and invested $16 in fossil fuels for every $1 invested in renewables between 2011 and 2021. It specifically highlights NGP's impact in New Mexico, where its portfolio company Tap Rock Resources has a history of emitting pollutants, and notes that Carlyle received $145 million in carried interest from NGP over the past year.

• The Carlyle Group excludes assets and emissions from its majority-owned subsidiary, NGP Energy Capital, from the portfolio used to calculate its ESG and net zero goals, despite NGP being its primary vehicle for U.S. carbon-based energy investments.
• Between 2011 and 2021, Carlyle's investment ratio favored fossil fuels heavily, investing $16 in fossil fuels for every $1 invested in renewable energy sources.
• NGP Energy Capital Management's fossil fuel investments are estimated to have released at least 97 million metric tons of carbon dioxide equivalent from 2014 to 2021.
• Carlyle received $145 million in carried interest allocations from NGP over the past year, including $33.3 million in the second quarter of 2023.
• Carlyle received an "F" grade in the 2022 Private Equity Climate Risks Scorecard, the lowest rank among its peers, attributed to weak climate policies and a portfolio of fossil fuel holdings.

APA

Private Equity Stakeholder Project (2023). Time for full transparency from Carlyle: A guide for investors. https://pestakeholder.org/news/time-for-full-transparency-from-carlyle-a-guide-for-investors/

Chicago

Private Equity Stakeholder Project. Time for full transparency from Carlyle: A guide for investors. 2023. https://pestakeholder.org/news/time-for-full-transparency-from-carlyle-a-guide-for-investors/.

Wikipedia

{{cite report |author=Private Equity Stakeholder Project |title=Time for full transparency from Carlyle: A guide for investors |date=30 October 2023 |url=https://pestakeholder.org/news/time-for-full-transparency-from-carlyle-a-guide-for-investors/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{privateequitystakeholderproject2023time, author = {{Private Equity Stakeholder Project}}, title = {{Time for full transparency from Carlyle: A guide for investors}}, institution = {Private Equity Stakeholder Project}, year = {2023}, month = oct, url = {https://pestakeholder.org/news/time-for-full-transparency-from-carlyle-a-guide-for-investors/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }