Top 20 private equity firms' energy holdings emit more than most nations, report says

The energy portfolios controlled by the world's 20 largest private equity firms generate an estimated 1.5 billion tons of greenhouse gases annually, according to a new report, an amount surpassed by only four countries — China, the United States, India and Russia.

The report states that these 20 firms collectively manage $7.3 trillion in assets across all sectors, a scale of financial power that the report says gives them significant ability to influence the pace of the global transition away from fossil fuels.

Despite that capacity, the report found that the firms' energy investments include substantial fossil fuel assets, among them natural gas facilities and coal-fired power plants. According to the report, some of this fossil fuel-generated electricity is being used to power datacenters, which have seen rising energy demand.

The report did not name specific firms or provide further breakdowns of which companies hold the largest fossil fuel portfolios, based on the available excerpt. The Guardian reported on the findings on September 15, 2026.

The scale of emissions attributed to private equity-owned energy assets highlights the growing scrutiny of the finance sector's role in either accelerating or slowing the shift toward renewable energy sources, as firms weigh returns from established fossil fuel infrastructure against investments in cleaner alternatives.