A Climate Activist Wants to Run California. Coal Helped Fuel His Wealth.

Key Points:

• Tom Steyer, a leading candidate in the California governor’s race, claims he stepped away from managing his hedge fund years ago to focus on fighting climate change, though financial records indicate he never fully severed ties with Farallon Capital.
• Farallon Capital, the hedge fund Steyer founded and led until 2012, has remained a significant lender to the coal industry despite environmental pressures, raising questions about Steyer’s commitment to climate activism.
• Steyer’s wealth, estimated at $2.4 billion, and his financial background have become focal points in the race amid voter concerns about billionaire influence in politics.
• His campaign asserts that Steyer has requested Farallon to divest from fossil fuels, but the complexity and opacity of his investment portfolio make it difficult to verify this claim.
• Steyer’s shift from hedge fund manager to progressive climate activist is central to his campaign, earning support from progressive groups like Our Revolution, despite some criticism over his past coal industry connections.