Thank you for the report, Billionaire seeks to help climate change victims. In a super-sized act of turning investment on its head, Tom Steyer and his wife have set up a fund to assist the victims of climate change by using the proceeds from divestment of the very energy fund which contributed to causing the conditions under which people have been victimized.
The Steyers new fund will initially help Californians who have suffered because of wildfires, and their divestment reminds us that each of us has the power to impact the conversion from a polluting energy economy to one that does not create and exacerbate global warming. Old energy technology is on its way out, to be shown the door even more quickly by new EPA regulations on coal-fired power plants, as well as strong job gains in the green-energy sector.
All of us vote with our pocketbooks. My money is on smart investments in clean energy and away from CO2-emitting energy companies. Between switching to green technology and passing carbon fees and dividend legislation, we can look to a day when the Steyers can use their money for things other than helping the victims of climate change.