Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

Look for carbon emissions from companies held by private equity to come under increasing scrutiny, a new report finds.

Driving the news: MSCI, the investment research and data firm, is out with its list of trends and topics to watch in the environmental, social and governance (ESG) space.

  • One of them is whether, as critics charge, "privately held companies are becoming an opaque refuge for carbon-intensive fossil-fuel assets," a topic the NYT explored recently.
  • "The jury is out, because the private-equity funds that own these companies aren’t saying much," MSCI adds.

Zoom in: The report provides a rough look at private equity energy investments, noting that from 2010 through November of this year, only 12.4% were related to renewables.

  • Meanwhile, "investments in fossil-fuel-related assets remained robust, even as they have declined in the public universe."
  • However, it also notes that energy overall is a small slice of private equity transactions.

The big picture: "Today, even the largest private equity funds, including those that are publicly listed, have revealed little about the emissions footprint of their portfolio companies," MSCI notes.

  • Still, some companies have started either reporting on the emissions of companies in their portfolio or plan to do so.

What we're watching: Public companies are increasingly facing pressure and requirements to report climate-related risks and whether their activities are aligned with holding global warming in check, MSCI notes.

  • "Managers of private-equity funds, too, may soon face similar requirements," they predict.

Why it matters: The report comes amid growing scrutiny over private equity's climate footprint, especially as major publicly traded oil and energy companies face pressure to divest polluting assets.

Yes, but: While private equity often comes under fire, several firms are also creating major new climate-focused funds and initiatives, such as the TPG Rise Climate Fund that launched this year with a $5.4 billion initial round.

  • One metric: Private equity investments in U.S. renewables hit a new record last year at nearly $24 billion, per the American Investment Council, the industry's advocacy and lobbying arm.
  • "In 2020 alone, private equity backing represented the majority of private investment in renewable energy projects," the group said in a statement.
Expand chart
Data: MSCI; Chart: Jacque Schrag/Axios

The MSCI report includes the chart above about varying levels of disclosure among the top private equity companies as of mid-November.

  • "[O]nly one, EQT Partners, had a meaningful representation of emissions from its portfolio companies, although the Carlyle Group and TPG Capital have indicated that they have started to monitor their portfolio-company emissions," it notes.

Go deeper

Ben Geman, author of Generate
Jan 14, 2022 - Energy & Environment

Power demand surge thwarts climate goals

Expand chart
Reproduced from International Energy Agency; Chart: Axios Visuals

Global electricity demand surged by record levels in 2021, causing price spikes and emissions growth, the International Energy Agency said.

Driving the news: New IEA data out Friday shows that power demand grew by over 1,500 terawatt-hours, the highest absolute amount ever.

Ben Geman, author of Generate
Jan 14, 2022 - Energy & Environment

Biden's latest Fed pick signals brewing climate battles

Illustration: Sarah Grillo/Axios

President Biden's plan to tap Sarah Bloom Raskin as top banking regulator at the Federal Reserve could intensify the central bank's already growing focus on climate change.

Catch up fast: The news broke Thursday night that Biden will nominate Raskin, a Duke University law professor, for the powerful role of vice chair for supervision.

Ina Fried, author of Login
Jan 14, 2022 - Technology
Column / Signal Boost

Tech giants play the blame game

Illustration: Brendan Lynch/Axios

With regulators around the world looking at reining in Big Tech, the companies in the crosshairs are increasingly eager to point out their rivals' sins.

Why it matters: Investigations in the U.S. and around the world are targeting Apple, Google, Facebook, Microsoft and Amazon. To make their case, regulators need to show the companies are squelching competition — a task the tech companies may be aiding with their infighting.