CEO Kewsong Lee sticks with fossil fuel projects alongside bets on renewables
US private equity group Carlyle Group is merging its energy and infrastructure investment operations as it prepares a renewed push into businesses including fossil fuels.
Carlyle has taken a different approach to energy investment than such competitors as Blackstone Group and Apollo Global Management, which have said they will avoid fossil fuels in future funds. Carlyle is resisting pressure from climate campaigners to divest of its roughly $8.5bn in energy holdings including from the production of hydrocarbons. Instead, Carlyle has decided that maintaining investment in oil and gas is necessary to meet global energy needs, even as it also backs solar and wind energy producers.
The International Energy Agency has said all new oil and gas exploration projects must halt if global warming is to be held in check.
Read more: FT
