Two Years Later, Steyer Still Has Fossil Fuel Investments

Monday, 09 Jun 2014 09:10 AM

By Drew MacKenzie

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Billionaire environmentalist Tom Steyer has vowed to spend $100 million to support Democratic candidates fighting for climate change and opposed to the Keystone XL oil pipeline.

Yet nearly two years after he started spending his mega-fortune to battle billionaire industrialists Charles and David Koch, he still has investments in fossil fuel companies, according to The Washington Post.

In 2012, Steyer decided to devote the rest of his life as an activist in the battle against global warming. The first measure he took was to dump his "ecologically unsound" holdings, which meant giving up his ownership of Farallon Capital Management, the $20 billion hedge fund he had run for two decades.

He directed that all of his investments related to tar sands and coal extraction or production be divested. Last year, as he stepped up his financial support for Democrats through his environmental super PAC NextGen Climate, he declared that his financial ties to national gas and oil would also be severed.

His spokeswoman Heather Wong said that Steyer had identified coal and tar sands as "the fossil fuels that are having a specific impact on climate, and where the battle for our kids is being fought." He later expanded his restrictions to oil and gas because he felt it was "simply the right thing to do.

"Divesting out of all these fossil fuel positions in an 18-month time period by any objective measure is incredibly fast, and by definition means that the priority was to get out of positions regardless of the financial implications," Wong said. "And as of this month, he will be divested out of fossil fuels all together."

Steyer, a native New Yorker now based in San Francisco, was not always opposed to fossil fuels, as public records filed with the Securities and Exchange Commission, can attest, according to the Post.

During his time with Farallon, he invested millions of dollars into buying shares of oil, coal and gas firms, including investments in BP and mining companies all over the world. And just months before he left his hedge fund, Farallon’s largest holding was a $220 million investment in Nexen, the oil and gas conglomerate.

"Tom spent 25 years investing in every sector of the economy," Wong told the Post. "As he discussed … he had his version of a 'Paul on the road to Damascus' moment, and came to the decision that he could no longer in good conscience continue to stay at a company that by definition was invested in virtually every sector of the economy.

"Tom stepped down from his business in 2012 and made a commitment to dedicate himself full time to take action on what he feels is the defining issue for the next generation — and has committed to giving away the bulk of his financial blessings to philanthropy and public interest causes."

Related Stories:


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

O'Reilly: Uneasy Voters Pick Dems Based Only on 'Emotion'

Monday, 20 Oct 2014 22:03 PM

Fox News Channel's Bill O'Reilly says he knows why a majority of Americans say the country is "out of control" but conti . . .

Gov. Jindal: Some Louisianans Must Disclose Ebola Travel Plans

Monday, 20 Oct 2014 21:34 PM

With the White House unwilling to initiate a travel ban to Ebola-stricken countries, Gov. Bobby Jindal says he's forced  . . .

Colorado Backs Down on Edible Pot Ban

Monday, 20 Oct 2014 21:31 PM

Colorado health authorities suggested banning many forms of edible marijuana, including brownies and cookies, then whips . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved