Feb 25, 2022
Private equity becomes an unlikely player in the global warming fight
In today's newsletter James and I cover an unlikely pair teaming up to take on Australia's biggest energy provider, AGL Energy - which creates more emissions than some mid-sized nations. They might not strike you as likely teammates: Mark Carney, the former Bank of England governor and current executive at Canadian private equity group Brookfield, and Australian billionaire Mike Cannon-Brookes, founder of the software company Atlassian. Brookfield's $7bn global energy transition fund has teamed up with Cannon-Brookes to make a $3.6bn bid for AGL Energy, Australia's largest energy provider. The private equity sector has traditionally been dogged politically for buying companies, cutting costs and then reselling them. Investors - such as the asset managers that went after HSBC initially - are unlikely to ease off pressure if banks fail to follow through.
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