Steyer to completely divest from fossil fuels

 

By the end of this month, billionaire Tom Steyer will be completely divested from his fossil-fuel energy holdings.

In 2012, Steyer directed that his personal holdings in oil sands and coal be divested. Not until late 2013, did Steyer also direct that his divestment include natural gas and oil beyond those in the oil sands, the Washington Post reports.

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Steyer had previously noted that he had withdrawn from all holdings in coal and oil sands, but his action group NextGen Climate had yet to address the question of natural gas.

Since giving up ownership of Farallon Capital Management, "Tom expanded the divestment directive to include all of his fossil fuel energy holdings and as of this month he will be divested out of fossil fuels altogether," said NextGen Climate spokeswoman Heather Wong.

Wong didn't explain why Steyer chose only to divest from coal and oil sands initially, according to the Washington Post.

She did note that he considered coal and oil sands as the "fossil fuels that are having a specific impact on climate," deciding later to expand his restrictions "because he felt it was simply the right thing to do."

Steyer has risen to the forefront of U.S. politics in the last year as he seeks to put climate change on the map as a wedge issue for candidates.

The former hedge fund manager turned environmentalist has pledged at least $100 million will be funneled into campaigns across the country where candidates take a stand on climate.