Carlyle Emissions Surpass a Quarter Billion Metric Tons

The report finds that The Carlyle Group invested in 91 energy companies owning 972 assets from 2011 to 2021, with 90 percent of both companies and assets being fossil fuel investments. These investments emitted an estimated 277 million metric tons of CO2e, with a compound annual growth rate of 95 percent. The analysis highlights a significant disparity between Carlyle's fossil fuel capacity (peaking at nearly 10,000 MW in 2021) and its renewable capacity (just over 1,300 MW). Furthermore, the report documents that 84 percent of Carlyle's current US downstream fossil fuel assets are located in areas with higher percentages of low-income residents and/or residents of color than state averages, and 47 percent of these plants have a record of environmental violations.

• Between 2011 and 2021, The Carlyle Group's fossil fuel investments emitted an estimated 277 million metric tons of carbon dioxide equivalent (CO2e), with emissions growing at an average annual rate of 95 percent.
• Carlyle's energy portfolio is heavily dominated by fossil fuels, with approximately $22.4 billion invested in carbon-based energy compared to $1.4 billion in renewable and sustainable energy companies as of the end of 2022.
• Carlyle is one of the largest owners of gas-fired power capacity in the US, with a fleet of 17 natural gas plants providing 9,874 MW of the firm's total 11,240 MW capacity.
• The report identifies a pattern of environmental injustice, noting that 84 percent of Carlyle's current US downstream fossil fuel assets are located in areas with higher concentrations of low-income residents and/or residents of color than state averages.
• Carlyle's upstream oil and gas production, primarily through NGP Energy, totaled approximately 1,300 million barrels of oil equivalent (mmboe) between 2011 and 2021, with 65 percent being oil-based.
• The report argues that Carlyle's 2022 net-zero emissions announcement is a form 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-associated, with fugitive methane leakage accounting for an estimated 99 percent of the portfolio's midstream emissions.
• The report documents specific environmental failures, such as the Philadelphia Energy Solutions refinery where Carlyle and other PE firms extracted $594 million in dividends and fees between 2012 and 2018 before a corroded pipe caused explosions in 2019.

APA

Private Equity Stakeholder Project (2023). Carlyle Emissions Surpass a Quarter Billion Metric Tons. https://pestakeholder.org/wp-content/uploads/2023/04/PECR_Report_Carlyles-Hidden-Climate-Impact_April2023-compressed.pdf

Chicago

Private Equity Stakeholder Project. Carlyle Emissions Surpass a Quarter Billion Metric Tons. 2023. https://pestakeholder.org/wp-content/uploads/2023/04/PECR_Report_Carlyles-Hidden-Climate-Impact_April2023-compressed.pdf.

Wikipedia

{{cite report |author=Private Equity Stakeholder Project |title=Carlyle Emissions Surpass a Quarter Billion Metric Tons |date=April 2023 |url=https://pestakeholder.org/wp-content/uploads/2023/04/PECR_Report_Carlyles-Hidden-Climate-Impact_April2023-compressed.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{privateequitystakeholderproject2023carlyle, author = {{Private Equity Stakeholder Project}}, title = {{Carlyle Emissions Surpass a Quarter Billion Metric Tons}}, institution = {Private Equity Stakeholder Project}, year = {2023}, month = apr, url = {https://pestakeholder.org/wp-content/uploads/2023/04/PECR_Report_Carlyles-Hidden-Climate-Impact_April2023-compressed.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }