The energy portfolios of 20 private equity firms produce 1.5bn tons of greenhouse gases a year, more than the annual emissions of any country except China, the US, India and Russia, according to a new report.

Together, these firms manage $7.3tn in assets of all kinds, affording them the ability to shape the pace of the transition away from fossil fuels. However their energy investments include significant fossil fuel assets including natural gas and coal-fired power plants to provide electricity to datacenters.

The analysis of the top 20 private equity firms invested in global energy infrastructure was conducted by the Private Equity Climate Risks Consortium. It found that the firms owned 15,000 miles of pipelines, 124GW of power…