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The Carlyle Group, a major private equity firm with US$382 billion in assets under management, is accused of maintaining a fossil fuel-heavy portfolio that contradicts its net-zero 2050 commitment. Research indicates Carlyle invests sixteen dollars in fossil fuels for every one dollar invested in renewable energy. A key example is Neptune Energy, a company co-founded by Carlyle that continues upstream oil and gas expansion, including in the Barents Sea. The document highlights that Carlyle's shareholders, including major asset managers like BlackRock and Amundi, overwhelmingly supported the re-election of board members at the most recent Annual General Meeting, thereby endorsing a strategy that lacks a public fossil fuel policy and fails to align with a 1.5°C pathway.

The document assesses the role of 'Say on Climate' resolutions in corporate governance, highlighting their utility for financial actors needing climate data to meet reporting requirements and net-zero commitments. While these non-prescriptive votes can rally more shareholders and avoid legal conflicts with board competencies, the author warns of significant greenwashing risks, citing TotalEnergies' 2021 AG where a deficient plan received 92% approval. To ensure credibility, the text urges shareholders to demand annual votes based on exhaustive criteria that allow for the evaluation of alignment with a 1.5°C trajectory and to vote against incomplete or non-aligned plans.