U.S. hedge fund investor to put $100 million into climate change fight

Reuters News
Posted: Feb 20, 2014 11:09 AM

By Valerie Volcovici

WASHINGTON (Reuters) - A California hedge fund investor has pledged $100 million in contributions to pro-environmentalist congressional campaigns, bolstering the battle against climate change.

Billionaire Tom Steyer on Wednesday night hosted Senate Majority Leader Harry Reid of Nevada and six other Democratic lawmakers for a fundraiser at his San Francisco home and is planning an ad campaign for candidates who support tough action on climate change.

Steyer, founder of the hedge fund Farallon Capital, plans to spend $50 million of his own money and raise another $50 million from other donors for the November midterm elections.

His aim is to serve as a political counterweight to the conservative billionaire Koch brothers, who have already spent $30 million so far this year on attack ads targeting vulnerable Democratic senators who have supported the healthcare reform law popularly known as Obamacare.

Steyer hosted Reid and some of Congress' most active climate change advocates: Senators Sheldon Whitehouse of Rhode Island, Jeanne Shaheen of New Hampshire, Ben Cardin of Maryland, Patrick Leahy of Vermont, Tom Udall of New Mexico, and Representative Gary Peters of Michigan, according to a source who attended the dinner and who spoke on condition of anonymity.

They were joined by former Vice President Al Gore, who has spent much of his post-Washington life campaigning for strong climate change legislation, such as a carbon tax.

The 40-person dinner, paid for by the Democratic Senatorial Campaign Committee, raised more than $400,000. Democratic donors Mark Buell and Susie Tompkins Buell, co-founder of the Esprit clothing company, and Lorna and Wade Randlett, renewable energy investor and founder of the Bay Area Democrats, co-hosted the dinner of salmon and grass-fed beef from Steyer's ranch.

Steyer used the opportunity to share the latest results of a poll his group plans to release on Thursday that will show that American voters are deeply concerned about the construction of the controversial Keystone XL pipeline.

The poll examines "voter sentiments related to whether the TransCanada (Corp.) oil will stay in the U.S. or leave the country; nature of foreign investment; and whether TransCanada should be required to testify under oath as to where the refined oil will go," said the source who attended the fundraiser.

Steyer has been a vocal opponent of the Keystone XL pipeline and has called on the Obama administration to reject a permit that would allow the project to cross the U.S.-Canadian border.

The pipeline has taken on a wider meaning for Obama, who says he is committed to energy independence and weaning the nation off fossil fuels blamed for climate change.

Enough's Enough
Walter E. Williams

Steyer's NextGen group is even willing to challenge vulnerable Democrats who have voiced support for the Keystone pipeline.

Earlier this month, it launched a campaign to get people to vote online for a candidate that NextGen should target in its next TV ad. The list includes newly minted Senate Energy Committee Chair Mary Landrieu, a Louisiana Democrat.

The group is also looking to support Democrats in other races where they are facing opponents of climate change action. A New York Times article said the group is looking at a Senate race in Iowa and support for the Democratic candidate, Representative Bruce Braley, an advocate of measures to address climate change.

Steyer may also be considering the governor's race in Florida and supporting the challenger to incumbent Republican Rick Scott. Scott has said that scientific evidence has not established that humans have caused climate change.

(Editing by Jonathan Oatis)