A Progressive Magazine story, “Private Equity’s Green Façade Is Being Funded by Your Pension,” by James Baratta and Ryan Beiber examines how municipalities are facing a double-edged sword when it comes to the decarbonization movement upon which private equity firms have been eager to capitalize. Using Ithaca, NY as an example, the report examines how private equity manages trillions in assets and targets short-term investments, often at the expense of the companies they buy and the community’s climate goals.
Progressive Magazine October 16, 2023: Private Equity’s Green Façade Is Being Funded by Your Pension
The story cites two reports from PESP to show how private equity has privatized the profit while the public bears all the risk:
“In August, the Private Equity Stakeholder Project released a report identifying nineteen firms with investments in thirty-five oil and gas companies that, since 2017, have received permits to drill on federal lands.
‘If adequate protections are not put in place, U.S. taxpayers could be stuck with a bill of nearly $384 million in just eight states for decommissioning and cleaning up nearly 2,700 oil and gas wells on federal and tribal lands operated by private-equity-backed companies,’ the report warns.
A separate report by the organization in October 2021 found 80 percent of all energy assets managed by the ten largest private equity firms were exposed to fossil fuels, while 20 percent consisted of renewables.’”
You can see the full story here: https://progressive.org/magazine/private-equitys-green-fa%C3%A7ade-baratta-bieber-20231016/