Air pollution from select private equity-backed fossil fuel infrastructure causes the equivalent of US$11-15 billion in health damages per year to local communities in the United States, according to a new study from the Private Equity Climate Risks project.
The report examines the public health impacts caused by emissions of non-greenhouse gas pollutants (non-GHGs) — including sulfur dioxide (SO₂), nitrogen oxides (NOₓ), volatile organic compounds (VOCs), and fine particulate matter (PM2.5) — from private equity-backed coal-fired power plants, liquified natural gas export terminals, and oil and gas extraction facilities.
This research builds on the 2024 Private Equity Climate Risks Scorecard and Report that examined the greenhouse gas footprint of 21 private equity firms with investments in energy.
Using the U.S. Environmental Protection Agency’s CO-Benefits Risk Assessment Health Impacts Screening and Mapping Tool (COBRA) — which estimates how these particular pollutants translate into specific health harms like asthma, emergency room visits, and premature deaths — the report finds:
- Private equity-backed facilities included in the study are responsible for nearly 1,500 emergency room visits and nearly 1,000 premature deaths every year, among other impacts, totalling $11-15 billion annually.
- A small group of firms, including ArcLight, Energy Capital Partners, and Quantum Capital, are responsible for roughly 20% of these impacts.
- Just eight facilities owned by five firms make up $5.1 of the $5.6 billion in annual health impacts in the Mid-Atlantic and New England regions.
- Texas, with a large population and close proximity to private equity-backed Permian oil and gas basin operations, is one of the most heavily impacted states across all health categories.
- The single most harmful facility in this study is the General J.M. Gavin coal plant. Located in southeastern Ohio, this plant is estimated to cause $1.7 billion in human health impacts per year, or about 19% of all health impacts in this study.
Alex Hurley, Project Manager, Global Energy Monitor, said, “Private equity plays an outsized yet obscured role in the fossil fuel economy. These findings shine a light on how people’s health is directly impacted by these investments and reinforce the critical need to transition away from fossil fuels.
“Through their continued investment in fossil fuels, private equity commits serious harm against communities across the country, endangering the health and futures of children and adults alike through dirty emissions," said Dustin Duong, research associate at Americans for Financial Reform Education Fund. "The tools in this report complement the consortium's previous greenhouse gas emissions analyses and make it possible for people to see the harmful impacts of private equity's shadowy energy holdings in a new light.
“This report demonstrates the direct health impacts of private equity's ongoing fossil fuel investments, including the deadly Gavin coal plant—a private equity-owned asset that Sierra Club has estimated kills hundreds of people annually while it remains operational,” said Ryan Leitner, Senior Research and Campaign Coordinator at Private Equity Stakeholder Project. “As Gavin continues harming communities across multiple states, private equity firms treat it like a deadly hot potato to be passed around for profit, with Energy Capital Partners currently purchasing the plant from Blackstone, while neither firm accepts responsibility for the damage the plant inflicts.”
