Climate

On Wall Street, the ‘energy transition’ includes natural gas and data centers

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 03/11/2026, 17:00:24 UTC.

Briefings

Wall Street private equity firms, including Blackstone, have rebranded their 'energy transition' funds to include natural gas and data centers despite previously divesting from oil and gas production. Blackstone's fund raised $8.7 billion in mid-October 2025, turning away $3 billion to stay under a cap, while the broader sector raised $178 billion between 2021 and early 2026. This trend persists even as climate-oriented investment declines, with some firms prioritizing profit over decarbonization.

Key points

• Blackstone's dedicated energy investment fund officially changed its name to include 'energy transition' in 2022 after having ceased investing in oil and gas production five years earlier.
• Blackstone's fund raised $8.7 billion in mid-October 2025, reportedly turning away an additional $3 billion to stay under its maximum investment cap.

Context

Private equity firms like Blackstone and Brookfield have rebranded their 'energy transition' funds to include natural gas and data centers despite previously divesting from oil and gas production. This trend persists even as climate-oriented investment declines, with some firms prioritizing profit over decarbonization.

Limitations

Evidence is limited to specific fund actions and sector-wide statistics; no direct quotes from fund directors or investors are provided, and the study of Blackstone's specific investment criteria remains unverified.

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