Launching his new climate investment fund, Galvanize Climate Solutions, billionaire Tom Steyer called the economic philosophy behind it ‘Movement Capitalism’. Steyer describes this nascent concept as merging the keystones of capitalism – competition, entrepreneurship and competition – with the force of global environmental activism. It aims to generate profit whilst finding solutions to pressing threats to humanity’s current existence, particularly the climate crisis.
Steyer is not alone in recognising the potential of climate-related investment opportunities. His announcement closely followed an exciting summer of fundraising for firms looking to invest in climate-focussed businesses. Private market investors Brookfield, TPG and Goldman Sachs are currently gathering billions in capital to follow suit.
Galvanize Climate Solutions
Having spent more than twenty years running global investment business Farallon Capital Management, Steyer is well-positioned to use the power of capitalism to bring about the change he hopes to see. He will be supported in his mission by his Galvanize Climate Solutions co-founder, Kathryn Hall, founder and co-chair of investment advisory firm Hall Capital Partners. The firm manages $40 billion in assets for family funds, foundations and endowments.
Steyer announced that Galvanize Climate Solutions will invest billions of dollars in efforts to decarbonise the planet, spreading this capital between a variety of businesses, from seed-stage start-ups to major business expansions. The fund will also commit 25 % of its profits to climate and climate justice organisations.
Investing in ecopreneurialism
Early investors in Galvanize Climate Solutions include the Emerson Collective, as well as Time Ventures, the investment fund of Marc Benioff, CEO of cloud computing company Salesforce. In a written statement, Benioff declared that the fight to save the planet will be revolutionised by Galvanize’s move to use capitalist leverage to fund ecopreneurs, speed up the switch to clean energy and decarbonise the globe.
At this early point in its development, Galvanize plans to invest in carbon sequestration and agricultural technologies. For global temperatures to remain in line with the level set by the Paris Agreement, billions of tonnes of carbon will need to be removed from the atmosphere, and emissions drastically reduced. Investors in ecopreneurialism are right – this drive requires a huge sum of capital, but also offers enormous potential for profit. The draw for private sector companies will likely prove irresistible.
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