The Global Fossil Fuel Asset Tracker

Key Findings 

• The Private Equity Climate Risks team has identified 541 fossil fuel assets backed by the 20 private equity firms as of April 2025.
• Of those 541 fossil fuel assets researched so far:
  • 282 were midstream assets, 122 were downstream assets, and 136 were upstream.
  • KKR owned 169, the most assets in both the downstream power generation category (52 assets) and the midstream category (91 assets).
  • Quantum Capital Group, through its Quantum Energy Partners portfolio, owned the most upstream oil and gas drilling assets, at 30. 
• 28 coal assets were found, 14 midstream coal terminals in Europe backed by Macquarie Asset Management, and 14 coal-fired power plants backed by Brookfield, ArcLight, Blackstone, and KKR.
  • Brookfield’s Oaktree Capital Management owned 9 coal-fired power plants in India and Bridgepoint’s Energy Capital Partners is in the process of acquiring the Gavin coal plant, one of the deadliest coal plants in the U.S., from ArcLight and Blackstone.
• Of the 282 midstream assets, 56 were fossil fuel storage assets, 54 were oil or gas pipelines, and 32 were liquefied natural gas (LNG) terminals
  • Apollo’s Energos Infrastructure Management operates 9 Floating Storage Regasification Units (FSRU), vessels built to store and re-gasify liquefied methane gas (LNG) out at sea. Energos’ FSRU vessels are off the coast of Spain, Germany, The Netherlands, Jordan, Brazil, and Indonesia.
  • Quantum Capital’s portfolio company Mexico Pacific is developing Mexico’s largest proposed LNG Terminal, Saguaro Energía LNG, in the UNESCO World Heritage Site in the Gulf of California.
  • Global Infrastructure Partners, a wholly-owned subsidiary of BlackRock, is a major investor in the Rio Grande LNG facility in South Texas, the first phase of which is currently under construction. In February 2025, Rio Grande LNG announced a major expansion of the project, taking the projected capacity from 18 million tonnes per annum (MTPA) to 48 MTPA.
• These 20 private equity firms own fossil fuel assets in at least 53 countries, including:
  • Algeria
  • Australia
  • Belgium
  • Brazil
  • Canada
  • Equatorial Guinea
  • France
  • Germany
  • India
  • Indonesia
  • Mexico
  • Philippines
  • Republic of Congo
  • Switzerland
  • The Netherlands

Understanding the Database

The full dataset includes the name of the fossil fuel asset, the current company that owns/operates the asset, and the current private equity investor(s) of that company as of January 2025. These names can all be used as leads to look into the business practices and environmental records of each of these assets. To see which fossil fuel assets each of the 20 private equity firms control, see above.

The dataset also provides the following available details for each fossil fuel asset: 

• Year the asset was acquired by the private equity-backed energy company
• Asset energy sector (upstream, midstream, or downstream)
• Asset energy type (e.g., extraction site, transportation/storage terminal, pipeline)
• Asset energy source (e.g., oil, gas, or coal)
• Location details including:
  • Basin
  • State
  • Country/Area
• Asset operating status in 2024 (many assets have more than one unit; this column will show the operating status of each unit)

Finally, the Asset Ownership Verification Date field shows the date the asset data was last verified by a Private Equity Climate Risks researcher. The dataset is sortable by any field and can be downloaded into a CSV file for further analysis and research. This is only the first iteration of the Global Fossil Fuel Asset Tracker. Private Equity Climate Risks researchers will continue to update and add assets to this tracker.

If you have questions, leads, or comments about any of these assets or their status, please reach out to us. We’d love to hear from you!

Methodology

Methodology and Research Process for Fossil Fuel Asset Verification

Since private equity firms do not provide comprehensive disclosures of current or former investments, the research team has built a data set based on a variety of sources. First, we verified the companies in each of the 20 private equity energy portfolios. Please see the Private Equity Energy Company Tracker for more information on that stage of the process.  Researchers then drew on company websites, press releases, SEC and other regulatory filings, news articles, and other oil and gas databases such as The Global Energy Monitor Global Oil and Gas Extraction Tracker (GOET) and Urgewold’s Global Oil and Gas Exit List (GOGEL) to identify additional companies and build a data set of verified private equity fossil fuel asset investments. 

As stated above, this is only the first iteration of the dataset and therefore is not entirely comprehensive. Private Equity Climate Risks researchers will be updating the data and adding new assets. The tracker will update live as changes or additions are made. Please see the Asset Ownership Verification Date to see when any asset has been reviewed. 

Private equity firms invest in portfolio companies and assets through various strategies, including leveraged buyouts, majority stake investments, minority stake investments, control or non-control investments, credit or lending investments, joint ventures, via intermediaries or directly, and others. The precise nature of each investment arrangement is often not disclosed, but these investments all provide capital to portfolio companies that enable their operations and the associated emissions and environmental impacts. The 20 firms’ current energy portfolio and their fossil fuel assets reflect the private equity firms’ financial interests via any one or more financial strategies listed above to “invest in,” “own,” or “back” each portfolio company, thereby facilitating the activity of the company and its assets, and financing the company’s emissions.