10 Minute Text

Tom Steyer on investing in “the tidal wave of climate urgency”

Updated Mar 10, 2023, 3:11pm EST

Billionaire investor Tom Steyer ran for the Democratic nomination for president in 2020. Now he’s back in the private sector, betting that there’s a fortune to be made on the transition to clean energy.

Tom Steyer said:

Hi Ben. Tom Steyer here.

Ben Smith said:

Thanks for doing this Tom! To begin with, can you send me a
selfie and tell me where you are?

Tom Steyer said:

Tom Steyer said:

I’m at work.

Ben Smith said:

I don’t think I’ve ever seen you before without *that tie* — does this represent some kind of major lifestyle shift?

Tom Steyer said:

If I wear a tie, I still wear that tie, but California isn’t exactly the center of formal dressing.

Ben Smith said:

Ben Smith said:

So to begin with, have you figured this out?

Tom Steyer said:

Hah. Yes. Bought my electric Mustang.

Ben Smith said:

Color?

Tom Steyer said:

The ever-exciting gray.

Ben Smith said:

Just a bit more broadly: the wealthiest people have the biggest carbon footprints. How do you view your individual responsibility for emissions and what do you do about it?

Tom Steyer said:

My carbon footprint is overwhelmingly air travel, even though I never fly private. I do buy offsets but what I believe is my real personal contribution is the regenerative agriculture we do on our farm, where we are trying to sequester lots of carbon and influence others to do the same. In huge size.

Ben Smith said:

We last talked when you were running for president. Were you disappointed not to wind up in the Biden Administration after your campaign?

Tom Steyer said:

Nope. I am doing exactly what I want to do: working in the private sector as hard as I can to effect a robust climate response.

Ben Smith said:

What do you think other investors miss about this moment that you at Galvanize see?

Tom Steyer said:

There are a lot of investors in this space now--which is both necessary and terrific. We at Galvanize have been focused on this for a long time, so this moment is a perfect opportunity for us.

Ben Smith said:

Tell me about one of the projects you’re particularly excited about.

Tom Steyer said:

We are investing in climate solutions across a variety of investment areas. One huge need across this space is better information systems and data, so that managers can make the right decisions in reducing emissions.

Ben Smith said:

I’ve noticed that a lot of your investments are software, from agriculture to cement. Do you think that’s a surer bet than the underlying industries?

Tom Steyer said:

The 21st century is driven by information. We need both hardware and software solutions, so it’s case by case, but there an awful lot of places where we need massive new information systems.

Ben Smith said:

Finally — and assuming you’re still paying attention to politics – is there enough market momentum behind clean energy investment that it could withstand a GOP presidency?

Tom Steyer said:

Yes. The tidal wave of climate urgency is not going to stop due to politics. The speed may be affected but the American climate response must and will be an all of society response.