Billionaire Tom Steyer to Invest in Net Zero Buildings
Steyer said that their plan, which is in line with Net Zero, is not only good for the planet. It is also a good investment from a financial perspective.
Galvanize Climate Solutions, an investment arm of a company owned by billionaire Tom Steyer, plans to buy apartments and buildings across the U.S. and upgrade them to be net zero in three years.
The philanthropist and climate activist’s plan will start this summer, with the goal to reduce the portfolio’s carbon emissions and bring it to net zero by improving energy efficiency.
Joseph Sumberg heads Galvanize Real Estate and is from Goldman Sachs. He commented on the firm’s plan saying:
“This is a real estate strategy with a decarbonization goal… Capitalism will look at this successful strategy, and replicate it, creating ripples through the built environment.”
Sumberg and Galvanize, a company co-founded by two stalwarts of Bay Area finance, Steyer and Katie Hall, will invest billions of dollars into the plan. But they didn’t disclose how much exactly their investment would be.