Media coverage

Brookfield emissions and climate reports covered by multiple publications

December 11, 2023

On December 5, Private Equity Climate Risks released a new report, “Brookfield’s Climate Paradox: Climate Pledges vs. Fossil Fuel Reality.”. The report exposed Brookfield’s fossil fuel investments and emissions and found that the firm’s current investments in fossil fuels emit nearly 159 million metric tons of CO2 equivalent a year, which is over 13 times higher than the emission figures Brookfield discloses in its most recent sustainability report.

The PECR report was released alongside a report by Investors for Paris Compliance,  “Brookfield and Net Zero: An Assessment of Canada’s Largest Private Equity Firm;” which builds on the PECR data by providing a detailed analysis of how Brookfield can reconcile its current practices with its climate objectives.

Private equity giant Brookfield has built a considerable oil and gas empire through its partnerships and subsidiaries like Oaktree, with current investments in at least 215 different energy assets through 31 companies. The portfolio includes significant stakes in upstream oil and gas drilling, oil and gas storage and transportation, and fossil fuel power generation. The emissions associated with the firm’s current energy portfolio is greater than the CO2 emissions produced by burning 178 billion pounds of coal.


BNN Bloomberg, December 5, 2023 “Brookfield significantly under-reporting emissions: advocacy group report

  • “Advocacy groups say Brookfield Corp. is substantially under-reporting its carbon emissions, even as the firm’s head of transition investing Mark Carney emphasizes the importance of increased disclosures.”
  • “The report by the group Investors for Paris Compliance, citing data from Private Equity Climate Risks, says the investments of Canada’s largest private equity investor emit over 13 times more than what Brookfield discloses in its most recent sustainability report.”


The Telegraph, December 4, 2023 “Mark Carney’s company accused of ‘massively underreporting’ emissions

  • “Brookfield’s true carbon emissions are as much as 13 times higher than what it officially discloses, campaign group Investors for Paris Compliance (I4PC) has alleged, claiming that the Canada’s largest private equity investor is excluding key parts of its business.”
  • “Brookfield reported 11.8 million tonnes of CO2 emissions in 2022. Analysis by pressure group, Private Equity Climate Risks (PECR) for I4PC, estimated that the total emissions generated across all of Brookfield’s energy investments in 2023 was as much as 159 million tonnes.”


Financial Post, December 5, 2023 “Brookfield significantly under-reporting carbon emissions, report says

  • “Investors for Paris Compliance says that the firm would build more confidence in its net zero commitments if it were to expand its own emission reporting into the areas highlighted by the report, along with increase other efforts such as excluding investments in oil and gas expansion.”
  • “The discrepancies come in part because Brookfield doesn’t count the emissions linked to Oaktree Capital Management, in which it acquired a majority stake in 2019.The report says Oaktree’s holdings, especially in oil and gas, make up about half of the unreported emissions, while Brookfield also doesn’t report some emissions related to companies that it doesn’t have a controlling stake in, or that is emitted by end users.”


Net Zero Investor, December 7, 2023 “Mark Carney’s $850bn Brookfield feels the heat over disputed emissions

  • “Last year, Brookfield reported close to 12 million tonnes of CO2 emissions. However, I4PC said that an analysis carried out by sustainability pressure group Private Equity Climate Risks (PECR) found that total emissions by all of Brookfield’s investments and assets, so far this year, were close to 160 million tonnes.”
  • “Brookfield positions itself as a leader in financing the net-zero transition, but it is still a major fossil fuel funder,” [I4PC’s] Bell-Pasht stated.


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