Tom Steyer Forms Fund for Global Fight Against Climate Change
(Bloomberg) -- Billionaire Tom Steyer and Hall Capital Partners LLC founder Katie Hall are raising money for the fight against climate change.
Their new firm, Galvanize Climate Solutions, will invest billions of dollars in companies and organizations working to curb carbon emissions around the world. Early backers include billionaire Marc Benioff and Emerson Collective, an investment-philanthropy hybrid founded by Laurene Powell Jobs, according to a statement Thursday.
Steyer has deep roots in environmental activism and made climate issues a key component of his unsuccessful 2020 bid to be the Democratic nominee for U.S. president. Companies focused on decarbonization will be a key initial focus for Galvanize.
Over the next 30 years, the world will need to invest about $4 trillion annually in energy-transition technologies, according to Galvanize. With spending now at just $800 billion a year, there’s a big gap that Steyer and Hall are seeking to help fill with their new venture.
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