Largest private equity firms won’t exit fossil fuels until at least 2090 at current pace

Energy portfolio tracker reveals continued fossil fuel expansion by
major firms, including BlackRock, despite climate and investor risks

(
Newswire)

Today, the Private Equity Climate Risks (PECR) data consortium project
released an updated Private Equity Global Energy Company Tracker, reflecting private equity energy company investments as of January
2026. The data show that despite years of climate commitments and
transition rhetoric, private equity firms remain overwhelmingly
invested in fossil fuels and are moving far too slowly to align with
climate goals.

As of January 2026, fossil fuel companies still account for 64% of
private equity firms’ energy portfolios, down just one
percentage point from the previous year. At this pace of
decline, private equity would not fully exit fossil fuels until around
2090, decades after climate scientists have warned that the global energy
system must rapidly transition away from fossil fuels. The
International Energy Agency has stated that the world must
reach net zero emissions by 2050 to remain aligned with climate goals.

“Private equity has had years to demonstrate that it can
meaningfully move away from fossil fuels, and these data show that the
industry has all but failed,” said Amanda Mendoza, Senior Research and Campaign Coordinator at the Private Equity
Stakeholder Project. “Instead of accelerating a real transition, firms like
BlackRock have expanded their fossil fuel portfolios, even as they
position themselves at the center of data center growth and utility
ownership. That combination should concern investors and policymakers
alike. These firms are making clear choices, and those choices
continue to lock in pollution and long-term risk.”

Key findings from the updated Energy Tracker

• 
  As of January 2026, the 20 private equity firms tracked were
  invested in 389 energy companies overall, including 248 fossil
  fuel companies; a decrease from 264 fossil fuel companies last
  year

• 
  Fossil fuel companies made up 64% of these firms’ energy
  portfolio companies, a decrease from 65% last year.

• 
  Eight of the 20 firms increased the number of fossil fuel companies in their energy portfolios over the past year, including
  BlackRock (Global Infrastructure Partners), Blackstone, EQT, and
  Macquarie Asset Management.

• 
  BlackRock’s energy portfolio shifted sharply toward fossil
  fuels following its acquisition of Global Infrastructure Partners,
  with fossil fuel companies now accounting for nearly half of its
  energy holdings.

BlackRock’s shift comes as the firm expands its involvement
in energy-intensive infrastructure, including utilities and data
centers, raising new questions about how these investments align with
climate commitments and investor risk.

Limited progress, persistent concentration

One firm stood out as an exception. EIG Global Energy Partners reduced
its fossil fuel exposure over the past year, lowering the share of
fossil fuel companies in its energy portfolio and cutting the total
number of fossil fuel investments.

Despite incremental changes elsewhere, some firms remain almost
entirely exposed to fossil fuels. Quantum Capital Group and Warburg
Pincus each maintained fossil fuel exposure above 90%, while Kayne
Anderson remained fully invested in fossil fuel energy companies.

Fossil fuel investments by the private equity firms tracked span at
least 40 countries, including Canada, the United Arab Emirates,
Mexico, India, Brazil, Rwanda, El Salvador, and the Philippines,
underscoring the global scale of private equity’s role in fossil
fuel production and infrastructure.

“Every investment in fossil fuels is a choice that carries a
measurable emissions footprint,” said Alex Hurley, Project Manager for Global Energy Monitor. “In our 2026 Private Equity
Climate Risks Scorecard to be released later this year, we will
quantify those impacts in great detail. What is already clear from
this dataset, however, is that private equity firms are using
institutional investors’ capital to continue investing in fossil
fuels – reinforcing the fossil-fuel status quo and the climate
risks that accompany it.” 

“At this pace, private equity will not exit fossil fuels in our
lifetimes, if ever. The industry clearly isn’t taking their role
in the climate catastrophe seriously, despite clear warnings from
scientists,” said Hibba Meraay, Research Analyst at Americans for Financial
Reform Education Fund. 

The updated Private Equity Global Energy Company Tracker is available
here:
peclimaterisks.org/private-equity-global-energy-company-tracker

Analysis is developed jointly by researchers from Americans for
Financial Reform Education Fund, Global Energy Monitor, and the
Private Equity Stakeholder Project. 

Private Equity Stakeholder Project

The Private Equity Stakeholder Project (PESP) is a nonprofit
organization with a mission to bring transparency and accountability
to the private equity industry and help empower impacted communities.
Follow PESP at pestakeholder.org and on X/Twitter @PEstakeholder.

Americans for Financial Reform Education Fund 

Americans for Financial Reform Education Fund is a nonprofit,
nonpartisan coalition of more than 200 civil rights, community-based,
consumer, labor, small business, investor, faith-based, and civic
groups, as well as individual experts. It was founded in the wake of
the 2008 financial crisis, and its mission is to eliminate inequity
and systemic racism in the financial system in service of a just and
sustainable economy. 

Global Energy Monitor 

Global Energy Monitor develops and shares information in support of
the worldwide movement for clean energy. By studying the evolving
international energy landscape and creating databases, reports, and
interactive tools, Global Energy Monitor enhances understanding of the
world’s energy system. Users of Global Energy Monitor’s
data and reports include the International Energy Agency, the United
Nations Environment Programme, the World Bank, and Bloomberg’s
Global Coal Countdown.

Media Contact:

Matt Parr, Private Equity Stakeholder Project

matt.parr@pestakeholder.org

773-234-4855

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