Brookfield Asset Management faced public controversies in 2021 arising out of its claim of having reached net-zero status, a claim which later had to be walked back.1,2 The controversy surrounded Brookfield including "avoided emissions" in net zero calculations, a practice which deducts from an organization's total emissions the emissions that are claimed to have been avoided by not using more polluting forms of energy generation, such as coal. While Brookfield has committed to sciencebased approaches and standardized methodologies for determining emissions, according to the Science Based Targets initiative, avoided emissions do not count toward science-based targets. Brookfield is a recent signatory to the Net Zero Asset Managers initiative, and as such has made "a commitment to investing aligned with net zero emissions by 2050", across all assets under management. Brookfield's business is comprised of its asset management activities, as well as its balance sheet investments, which include private equity and infrastructure. Asset management and private equity are the largest of Brookfield's seven reportable segments by far, with asset management making up 6.5% of total segment revenues in the 2021 financial year, and private equity making up 57.6%. In terms of Brookfield's primary measure of financial performance, "funds from operations" (or FFO), asset management returned 34.6% of total FFO in the 2021 financial year, and private equity returned 26.9%. The next closest segment returned 15.7% of total FFO. Brookfield owns and operates its private equity business primarily through its 64% economic interest in Brookfield Business Partners (BBU), a separate publicly traded entity. Brookfield holds a 27% economic interest in Brookfield Infrastructure Partners (BIP), another separate publicly traded entity. Brookfield refers to such separate entities as "perpetual affiliates". BBU and BIP have each stated their intention to "supporting Brookfield Asset Management's commitment to net zero missions by 2050 or sooner''. However, neither BBU nor BIP discloses any emissions reduction targets of their own. In February 2021, global private equity and alternative investment firm and Brookfield peer The Carlyle Group announced not only a 2050 net zero commitment, but also near-term goals across its majority-owned corporate private equity, power and energy portfolio companies.4 Specifically, Carlyle has committed that 75% of its portfolio companies' Scopes 1 and 2 emissions will be covered by Paris-aligned climate goals by 2025, and after 2025, all new majority-owned portfolio companies will set Paris-aligned climate goals within two years of ownership. Furthermore, the UN-backed Net-Zero Asset Owner Alliance has set decarbonization targets as part of their efforts to achieve net-zero emissions by 2050.5 The recommended decarbonization range for absolute emissions reductions for the period 2020 to 2025 range between 22% to 32%.