Overview

Financial flows into energy infrastructure are changing rapidly, yet capital continues to support fossil fuel expansion through evolving ownership structures, project finance models, and private investment strategies.

Energy infrastructure is shaped by the financial actors that fund, own, and operate projects. GEM’s finance trackers provide asset-level transparency into relationships across coal, gas, and other energy sectors, as well as heavy industry.

The Global Energy Ownership Tracker maps corporate ownership chains behind energy and heavy industry assets, tracing shareholding from individual facilities to parent companies, governments, and investment firms. Ownership transparency enables users to identify who ultimately controls energy and heavy industry infrastructure.

The Private Equity Tracker connects major firms in the sector to the energy assets and companies they control. Covering more than twenty firms and thousands of assets, the dataset tracks over $1 trillion in energy since 2010, with fossil fuels still dominating most portfolios.

The Global Coal Project Finance Tracker documents lenders, investors, and deal structures tied to coal-fired power plants, revealing how financing has shifted toward domestic policy banks, state-owned lenders, and vertically integrated utilities as international institutions exit coal.

The Global Gas Finance Tracker examines project-level financing for in-development LNG terminals and gas-fired power plants, highlighting the role of state support, commercial banks, and regional investors in shaping gas infrastructure. Across many countries, domestic financiers and public institutions are central to advancing gas projects.

Together, these datasets provide a detailed picture of how financial decisions shape the trajectory of the global energy system, revealing leverage points for policymakers, investors, researchers, and civil society working to accelerate the energy transition.