Illustration: Aïda Amer/Axios

Concerns over climate change will reduce the amount of capital available for private equity investments in fossil fuels, according to a recent survey by Coller Capital.

By the numbers: 38% of responding limited partners say they will reduce their commitments to oil and gas funds over the next five years.

  • The numbers are much higher among European and Asia-Pacific LPs than for those in North America, where only 30% say climate change will cause any change to their PE investment strategy and just 16% say it will affect their own operating procedures.

Many of the respondents are planning to replace fossil fuel dollars with investments in renewable energy. If that comes to pass, it could significantly increase private equity's influence in the sector, where overall global investment is down from its 2016 peak.

Go deeper: Making sense of an oil giant's net-zero carbon pledge

Go deeper

Updated 18 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging. Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. Education: The dangerous instability of school re-openings.
  4. World: Australian city to exit one of world's longest lockdowns — In photos: Coronavirus restrictions grow across Europe
  5. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure
  6. Nonprofit: Rockefeller Foundation commits $1 billion for COVID-19 recovery
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Illustration: Sarah Grillo/Axios

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But, but, but: Strategists say this move is about an improving outlook for economic growth rather than just inflation.

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The big picture: While companies were able to set long timelines for their return, schools — under immense political and social strain — had to rush to figure out how to reopen. The cobbled-together approach has hurt students, parents and teachers alike.