Q&A: Billionaire climate activist and former California governor candidate Tom Steyer

By Alex Nieves | 08/18/2026 06:36 AM EDT

The progressive megadonor is back to talking about climate policy after an unsuccessful run for governor.

Tom Steyer speaks at a lectern.

Tom Steyer is leaning into his role as a climate investor. Noah Berger/AP

Billionaire investor and climate activist Tom Steyer came up short in his run for governor, placing third in the state’s June primary.

Now he’s back — and going on the climate offensive.

Steyer ran as a progressive, promising to break up utility company “oligarchies,” take on oil companies and redistribute wealth in the country’s richest state. That message wasn’t enough to vault him over fellow Democrat Xavier Becerra or Trump-backed Republican Steve Hilton. But Steyer isn’t changing course.

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POLITICO spoke with Steyer, in his first major interview after the primary, about California’s climate goals, a billionaire tax on the November ballot and a wave of progressive campaign victories that has skipped over the Golden State.