New tax break for clean energy draws scrutiny

Blackstone, the New York-based asset manager with nearly $1 trillion of investor funds, is moving rapidly into the clean energy revolution, driven in part by federal tax incentives that were sweetened this summer by the Biden administration and Congress.

But one of its larger projects — through a subsidiary called Tallgrass Energy — is drawing protests from environmentalists who argue that Blackstone’s effort in New Mexico will not do enough to combat climate change, even if it receives tens of millions of dollars a year in federal subsidies intended to promote efforts to address global warming.