Billionaire environmentalist Tom Steyer uses political donations to push politicians toward clean energy policies that will benefit his solar energy investments, making him one of the top “crony capitalists” in the 2016 election cycle, according to a new report.
Released Monday, the conservative Energy and Environment Legal Institute’s “Buying the Democrat Party Lock, Stock and Barrel” report examines Steyer’s political activity in the 2014 and 2016 election cycles.
The report argues that Steyer made his billions by using his hedge fund to invest in fossil fuel companies abroad and his now hedging his bets by investing in solar energy. By advancing his agenda with Democratic politicians at all levels of government, Steyer’s investments in solar energy will be part of government policy, according to the report.
The report points to the Governor’s Climate Accord, renamed the Governor’s Clean Energy Institute, as one way Steyer uses his influence to advance clean energy policies. After working with the White House to influence the formation of the Clean Power Plan, the sweeping rules on carbon emissions from coal plants, Steyer used his donating power to influence governors into implementing the plan, the report stated.
“This state-compact approach is how Steyer attempts to sidestep the Constitution, a compact that has never received congressional approval,” the report says, citing emails obtained by E&E Legal. “The uncovered emails not only reveal Steyer’s vast influence over the climate change movement, but more importantly, his willingness to ignore the Constitution, trampling representative government and shutting down free speech.”
Steyer spent $74 million in 2014’s midterm election cycle and has spent $25 million supporting Democratic politicians in the 2016 election cycle. The report indicates he intends to spend a total of $50 million supporting like-minded politicians during the coming election and raising an additional $50 million from other wealthy donors.
Unlike many other donors, Steyer bases his support almost entirely on one policy: climate change.
Steyer’s millions in potential donations can help push politicians toward his environmentalist positions, which is a different approach than he used in 2014. In that election cycle, Steyer spent his money on advertising hitting his political opponents for not pushing renewable energy policies. That tactic didn’t affect the 2014 elections, which were a sweeping success for Republicans who took back the Senate.
Donating directly to politicians has a much greater return on investment than negative advertising, the report states.
The result, according to the report, is the Democratic Party adopting his climate change policies in its platform, organizing Democratic governors for the anti-coal alliance and pushing Democratic Senate candidates toward his views.
The next step is encouraging Democratic state attorneys general to prosecute oil companies and affiliated groups for reportedly defrauding the public by covering up the effects of burning fossil fuel on the climate, the report states.
“Steyer is simultaneously advancing his climate change agenda at both the state and federal levels in an attempt to silence those who argue that investing in solar power is a bad idea,” the report states.
A request for comment was left with Steyer’s NextGen Climate group.
