Billionaire Tom Steyer isn't well-known outside California, but plenty of people believe that's about to change. He's seen here as a likely star in energy politics.The Washington Free Beacon has a less friendly take on Mr. Steyer and his ascent.
Steyer, 55, is a self-made mogul who made a bundle as a hedge fund manager. He's also a philanthropist, environmentalist and father of four who says the country needs a clean energy revolution. He's spent part of his wealth working toward that aim.
Last year, Steyer bankrolled a successful California ballot measure that will spend as much as $2.75 billion on energy efficiency. Two years earlier, he led the fight to defeat a proposition that would have squashed the Golden State's groundbreaking climate law. He and his wife, Kat Taylor, have given a combined $65 million to fund schools focused on sustainable energy at Stanford and Yale universities.
He just stepped down from the investment firm he founded in order to devote more time to his pet policies. The effects are likely to be sizable, several predicted.
"Tom is very well situated to have a huge impact in any venue he chooses because he understands the various elements of these issues," said Daniel Weiss, senior fellow and director of climate strategy at Center for American Progress, a liberal think tank. "He understands the technical element. He understands the finance element. He understands the political element.
"That will make him a force in whatever area he chooses to apply himself," Weiss added.
In California and Washington, D.C., there's plenty of chatter about what Steyer might do next.
He has been rumored as a possible replacement for Energy Secretary Steven Chu, if Chu steps away from that job as is widely expected.
"I've heard [Steyer's] name mentioned in the mix from very serious people," Weiss said.
Neither the White House nor Steyer would comment on whether he is in the running for Department of Energy post. Clean energy supporters, however, are pleased with the idea.
A major DOE focus is evaluating emerging companies and deciding which trends to support with grants and loan guarantees, said Ethan Elkind, climate research fellow at the University of California.
"Having someone who has a business background, who understands how these finance deals get put together, could be really helpful," Elkind said. As well, he said, the latest developments in advanced solar, battery storage and electric vehicles are "all right in his wheelhouse."
Steyer "would bring a lot to the job" of Energy secretary, said Joe Romm, senior fellow at the Center for American Progress....MORE
Here's Farallon's last 13F, they got rid of the hydrocarbon stocks that raised eyebrows when Mr. Steyer was the largest financial opponent of the AB 23 proposal to waive AB32:
Adaro-#2 coal co. in Indonesia
Sandridge Energy
FreightCar America--largest coal railcar manufacturer
They still have BP in the portfolio.
As always, 13 F's only show tradable U.S. equities and are not required to disclose offsetting derivatives or futures/swaps positions or private investments.
