This is why Tom Steyer: California Billionaire Makes Another Big Move In The West. Tom Steyer, a California billionaire and environmentalist, has made significant moves in the political and environmental spheres, particularly in the West. He is known for his substantial financial backing of progressive causes and his attempt to enter the political arena, notably as a candidate in the 2020 Democratic presidential primary.
Steyer’s journey began in the financial sector, where he co-founded Farallon Capital, a hedge fund that managed $20 billion, and built his fortune through high-risk investments in distressed assets. However, in 2012, he retired from Farallon and shifted his focus to environmental and political causes, founding NextGen America, an environmental advocacy nonprofit and political action committee.
Steyer has been involved in California politics for over a decade, contributing to progressive causes. He has also spent millions on television and digital ads advocating for President Trump’s impeachment. His political ambitions were most notably seen in his run for the 2020 Democratic presidential nomination, where he spent over $191 million on campaign advertising but failed to secure any pledged delegates.
In addition to his political efforts, Steyer and his wife, Katherine ‘Kat’ Taylor, have made significant philanthropic contributions. They founded OneRoof, Inc., a social enterprise business aimed at providing broadband connectivity and computer literacy to rural towns in India and Mexico. They also established Beneficial State Bank, a community development bank offering commercial banking services to underserved communities. Furthermore, they have donated tens of millions of dollars to Stanford and Yale for advanced energy research and signed The Giving Pledge, committing to donate half of their fortune to charity during their lifetime.
Steyer’s career has been marked by a transition from a high-stakes financial career to a focus on environmental advocacy and political activism. Despite his substantial financial backing and efforts, he has faced criticism, particularly regarding his past investments in carbon-polluting industries and his decision to not divest from these investments quickly enough.
Overall, Tom Steyer represents a unique blend of financial acumen, environmental advocacy, and political ambition, making him a notable figure in both the business and political worlds. His contributions to environmental causes, philanthropy, and his efforts in the political sphere have made him a prominent figure in California and beyond.
What Specific Environmental Causes Has Tom Steyer Been Involved In?
Tom Steyer has been involved in a range of environmental causes, both through his personal philanthropy and his advocacy efforts. Here are some specific areas where he has made significant contributions:
- Renewable Energy and Sustainability: Steyer and his wife, Katherine Taylor, donated $41 million to create the TomKat Center for Sustainable Energy at Stanford University. This center, part of the Precourt Institute of Energy, focuses on the development of affordable renewable energy technologies and promoting public policies to make renewable energy more accessible. Projects under this initiative include the creation of lighter, less toxic, and more durable batteries, and an analysis of power grids to support future renewable energy technologies.
- Climate Change Advocacy: Steyer founded NextGen America, an environmental advocacy nonprofit and political action committee, in 2013. This organization supports progressive positions on climate change, immigration, health care, and education. Steyer has also been involved in initiatives to combat climate change, such as the Risky Business Project, a bipartisan initiative launched with former New York City mayor Michael Bloomberg and former Treasury Secretary Henry Paulson. This project aims to quantify and publicize the economic risks of climate change in the United States.
- Philanthropy and Support for Environmental Organizations: Steyer’s TomKat Charitable Trust has provided significant funding to environmentalist activist groups and projects. This includes support for 350.org, the Aspen Global Change Institute, the Center for Ecoliteracy, and the Clean Economy Network Educational Fund. These contributions aim to advance energy efficiency and renewable energy, support the scientific understanding of Earth systems and global environmental change, and promote a new energy future.
- Political Influence and Climate Change Policy: Steyer has used his financial backing and political influence to push for climate change policies. He created the NextGen Climate Action Committee, a political action committee that supported candidates who embraced climate change as a major issue. His efforts have also included opposition to the Keystone XL pipeline and significant contributions to political campaigns and ballot initiatives related to environmental issues.
- Addressing Coal and Oil Investments: Steyer has been involved in efforts to address his past investments in carbon-polluting industries. In 2012, he decided to dispose of his carbon-polluting investments, although critics argue he did not do so quickly enough. His transition from a significant investor in carbon-intensive industries to a leading advocate for renewable energy and climate action demonstrates his commitment to environmental causes.
These efforts highlight Steyer’s comprehensive approach to addressing environmental challenges, from direct investments in renewable energy and sustainability to advocacy, philanthropy, and political action.
How Much Money Has Tom Steyer Donated To Environmental Causes?
Tom Steyer has donated significant amounts of money to environmental causes, both through his personal philanthropy and his political action committees. Here’s a summary of his contributions:
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Political Contributions: Steyer has spent millions on political causes, particularly those related to climate change. In the 2014 midterm elections, he spent $74 million, making him the top political donor of that cycle. This included $67 million for the NextGen Climate Action Committee, which aimed to support candidates who prioritized climate change.
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Philanthropy: Through his TomKat Charitable Trust, Steyer has made substantial donations to various environmentalist activist groups and projects. These include:
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$250,000 to 350.org for general support.
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$250,000 to the Aspen Global Change Institute for its Energy Policy Project.
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$392,000 to the Center for Ecoliteracy.
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$2.5 million to the Clean Economy Network Educational Fund.
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$200,000 to the Energy Foundation.
- Specific Donations: In addition to his general philanthropy, Steyer has made specific donations to environmental causes. For example, he donated $5 million to fight Proposition 23 in California, which aimed to delay the implementation of environmental policies. This was the largest sum donated toward the initiative.
- Election-Related Activities: Steyer has also used his wealth to influence elections, particularly those related to climate change. His efforts have included opposition to the Keystone XL pipeline and significant contributions to political campaigns and ballot initiatives related to environmental issues 1.
- Campaign Donations: Steyer’s spending on his own political campaigns and supporting left-leaning causes and voter-registration efforts has been substantial. For instance, he spent $342 million on his presidential campaign in the 2020 election and another $73 million supporting left-leaning causes. However, in 2021, he donated far less, just $1.3 million, with about three-quarters of that amount going to his own political action committee, Tom Steyer PAC.
These contributions and efforts demonstrate Steyer’s significant investment in environmental causes, both through personal philanthropy and political action.
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