Key Takeaways
- • The Private Equity Stakeholder Project (PESP) and Little Sis launched the "CleanUp Carlyle" campaign, targeting co-founder David Rubenstein's leadership and board roles at cultural and academic institutions over Carlyle's fossil fuel investments.
- • Carlyle received an F grade on the Private Equity Climate Risks Scorecard and ranked last among large PE firms, topping PESP's "Private Equity's Dirty Dozen" report due to its ownership stake in NGP and other fossil fuel holdings.
- • The campaign calls on the Kennedy Center, the National Gallery of Art, and Harvard University to remove Rubenstein from their boards, with action events held in Washington, D.C.
- • Carlyle's February Net Zero announcement was followed by commitments to continued fossil fuel investment, the merger of its energy infrastructure, and reliance on NGP, with the firm stating "Our philosophy is you can't divest."
- • Critics cite Carlyle's failure to disclose its largest oil and gas investment in its financial risk-from-emissions report.
Summary
The Private Equity Stakeholder Project (PESP) and its campaign partner Little Sis have intensified their "CleanUp Carlyle" campaign, focusing on the philanthropic and governance positions held by David Rubenstein, co-founder and co-chairman of The Carlyle Group. According to the publication, the campaign argues that Rubenstein and other private equity executives lead firms that invest billions in fossil fuels while offsetting their reputations through donations and board seats at prestigious cultural and academic institutions.
The campaign's central report, "Private Equity's Dirty Dozen," produced by PESP and Little Sis, ranked Carlyle last among large PE firms on the Private Equity Climate Risks Scorecard, awarding it an F grade. The report identified Carlyle as the top name on the list due to its extensive fossil fuel holdings, including its ownership stake in NGP. The Guardian's reporting by Nina Lakhani, cited in the campaign materials, noted Rubenstein's positions at the Kennedy Center, the Harvard Corporation, and the National Gallery of Art.
The campaign has staged action events at the Kennedy Center and the National Gallery of Art in Washington, D.C., and calls on those institutions and Harvard University to drop Rubenstein from their boards. The coalition has also expanded through Twitter campaigns and webinars, and Little Sis highlighted a recent Rubenstein appointment at the University of Chicago.
The campaign follows Carlyle's February Net Zero announcement, which the publication says was followed by continued fossil fuel investment, the merging of its energy infrastructure, and reliance on NGP for ongoing U.S. carbon energy investment. Carlyle has defended this approach, with the firm quoted as saying, "Our philosophy is you can't divest." The publication also reports that Carlyle has faced criticism for not disclosing its largest oil and gas investment in its report on financial risk from emissions.
The coalition frames the issue in terms of retirement security, arguing that private equity uses the pension savings of teachers, nurses, and firefighters, exposing those savings to fossil fuel-related climate and financial risks. Campaign materials also emphasize the disproportionate impact of fossil fuel operations on low-income communities and communities of color.
The campaign's central report, "Private Equity's Dirty Dozen," produced by PESP and Little Sis, ranked Carlyle last among large PE firms on the Private Equity Climate Risks Scorecard, awarding it an F grade. The report identified Carlyle as the top name on the list due to its extensive fossil fuel holdings, including its ownership stake in NGP. The Guardian's reporting by Nina Lakhani, cited in the campaign materials, noted Rubenstein's positions at the Kennedy Center, the Harvard Corporation, and the National Gallery of Art.
The campaign has staged action events at the Kennedy Center and the National Gallery of Art in Washington, D.C., and calls on those institutions and Harvard University to drop Rubenstein from their boards. The coalition has also expanded through Twitter campaigns and webinars, and Little Sis highlighted a recent Rubenstein appointment at the University of Chicago.
The campaign follows Carlyle's February Net Zero announcement, which the publication says was followed by continued fossil fuel investment, the merging of its energy infrastructure, and reliance on NGP for ongoing U.S. carbon energy investment. Carlyle has defended this approach, with the firm quoted as saying, "Our philosophy is you can't divest." The publication also reports that Carlyle has faced criticism for not disclosing its largest oil and gas investment in its report on financial risk from emissions.
The coalition frames the issue in terms of retirement security, arguing that private equity uses the pension savings of teachers, nurses, and firefighters, exposing those savings to fossil fuel-related climate and financial risks. Campaign materials also emphasize the disproportionate impact of fossil fuel operations on low-income communities and communities of color.
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