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Former National Climate Advisor Gina McCarthy works for two private equity firms that have climate portfolios with investments in China.
McCarthy currently works as an advisor for private equity firms Pegasus Capital Advisors LP and TPG Inc., according to her website, both of which have investments in China and are funds that invest using environmental and social metrics. McCarthy worked for the Biden administration as the first ever climate czar where she pushed for the climate provisions in the bipartisan infrastructure law and the Inflation Reduction Act, which she argues “led to the most aggressive action on climate in U.S. history.”
Pegasus Capital Advisors, where McCarthy works as an operating advisor, manages the Green Climate Fund’s (GCF) Global Subnational Climate Fund (SnCF), which was created in 2021 in order to “address a major deficit in climate finance,” according to a press release from the GCF. The Biden administration has given $2 billion to the GCF, a U.N. project that aims to “accelerate clean energy transitions,” according to a White House press release. The GCF has invested $1.4 billion in Shandong, China, according to its website.
McCarthy is also a senior advisor for TPG, which has active investments in Chinese companies such as Du Xiaoman Financial and Zhaoke Ophthalmology, according to its website. The TPG Rise Climate Fund closed at $7.3 billion in 2022, according to a press release.
Pegasus Capital Advisors says, “We focus on solutions related to sustainability and health,” according to their website. “From green infrastructure to improved health and well-being, our investment themes and strategies are based on the long-term value creation that offer scale and depth of environmental and social impact.”
TPG Inc. has its own public benefit organization, Y Analytics, whose mission is to “increase not only the amount of capital that is allocated toward impact, but also to improve the effectiveness of capital invested toward the greater good,” according to TPG’s website.
McCarthy was previously accused of ethics violations by GOP House members after she met with Natural Resources Defense Council (NRDC) President and CEO Manish Bapna, according to White House visitor logs, which is an alleged violation of Biden’s “Revolving Door Ban.” The ban prohibits appointees from engaging parties who are related to their former employer, and McCarthy had previously served as NRDC’s president and CEO.
McCarthy has also previously called for Big Tech companies to censor those with differing opinions on environmental issues and energy policy, saying, “The tech companies have to stop allowing specific individuals over and over again to spread disinformation,” according to Axios.
TPG confirmed to the Daily Caller News Foundation that McCarthy works as a senior adviser for the firm.
Pegasus Capital Advisors LP, the GCF and McCarthy did not immediately respond to a request for comment.
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