California gubernatorial candidate Tom Steyer faces mounting scrutiny after financial disclosures reveal his continued profits from coal mining operations worldwide, contradicting his public claims of walking away from fossil fuel investments to fight climate change.
Hedge Fund Bankrolls Coal Despite Climate Campaign
Steyer maintains significant financial ties to Farallon Capital, one of America’s largest hedge funds actively financing coal projects across Australia and other nations. The firm has provided loans to coal producers and mining infrastructure, stepping in as major banks withdrew under environmental pressure. Financial records show Steyer held at least 110 million dollars in Farallon during his 2020 presidential campaign, now valued at 34.7 million dollars despite his public environmental advocacy.
A normal human would be absolutely humiliated
Climate advocate Will Van De Pol warned that Farallon Capital has directly bailed out coal mining companies in Australia and enabled expansion of coal operations. Van De Pol stated anyone closely connected to Farallon’s investment decisions claiming climate commitment needs heavy scrutiny for the negative impacts of those choices. Steyer’s campaign responded that he remains only a passive investor with employees screening fossil fuel holdings from his portfolio, claiming he no longer earns profit shares from the fund.
Offshore Money Questions Surface
Additional complications emerged when Steyer declared at a campaign event that he holds no money in the Cayman Islands or overseas. Tax filings reviewed by media outlets contradict this statement, showing investments connected to Cayman-based funds and foreign holdings including a British bank account. His campaign later clarified he does not personally hold accounts in those locations but invests in funds based there, a common global finance structure, while emphasizing he pays United States taxes on all income.
Campaign Spending Fuels Lead Position
The revelations arrive as Steyer gains momentum in the governor’s race following the collapse of Eric Swalwell’s candidacy. The billionaire has poured over 130 million dollars of personal wealth into his campaign, propelling him to frontrunner status among Democratic candidates. His estimated 2.4 billion dollar fortune spreads across hedge funds, private equity, and ventures that make full tracking difficult. Supporters argue Steyer has shifted focus toward clean energy through his investment firm and climate advocacy groups, with policies to donate unintended fossil fuel profits to charity.
