CA - Big-name investors form firm to put billions into fighting climate change
Two stalwarts of Bay Area finance, Tom Steyer and Katie Hall, have teamed up to create Galvanize Climate Solutions, an investment firm that’s expected to put billions of dollars to work tackling climate change.
The firm will seek to invest using what Galvanize co-founders call “movement capitalism” to accelerate the adoption of clean tech and increase the rate of decarbonization.
“Movement Capitalism is an economic philosophy that employs the foundations of capitalism — innovation, entrepreneurship, competition — and merges those with the power of global activism, in support of a higher public purpose,” Steyer said in a statement.
Galvanize also plans to use 25% of its profits to support climate and climate-justice organizations.
“Galvanize will show us what’s possible when you bring finance, business and the public and private sectors together to fuel 'ecopreneurs,' accelerate the transition to clean energy and decarbonize the planet,” Benioff said in a statement.
Steyer spent about three decades building his investment firm, San Francisco-based Farallon Capital Management. The former presidential candidate also founded – with his wife Kat Taylor – Beneficial State Bank, an Oakland-based community development financial institution with more than $1 billion in assets. The bank opened its doors in 2007 to promote economic equity, social justice and the environment.
Hall will remain co-chair of Hall Capital Partners, a registered investment advisory firm that she founded in 1994. The firm manages more than $40 billion in assets. Hall is also on the boards and chairs the investment committees of both the SFMOMA and UCSF Foundation. She’s also the chair of the Andrew W. Mellon Foundation board and chairs the Smithsonian Investment Committee.