This week, San Francisco billionaire Tom Steyer officially announced his bid for California governor, putting energy and climate policy at the top of the ballot during a time when the state’s officials are pivoting towards practical energy solutions.

In his announcement, Steyer leans on tired messaging, flaunting his previous attacks on oil companies and vowing to go after utilities. Notably, Steyer decided to discuss high energy prices, despite his anti-energy development stance:

“I’ve taken on out-of-state corporations that refuse to pay their California taxes. I’ve taken on the oil companies. I’ve taken on the tobacco companies…We have the second-highest electricity rates in the country. If we break up the monopolistic power of utilities, we’re going to unleash a complete wave of innovation and drop our sky high energy prices.”

While this language is typical from blue-state politicians, it stands in contrast with recent backtracking from California Governor Gavin Newsom.

After once declaring himself Big Oil’s greatest foe, with a likely eye on 2028 presidential ambitions, Newsom has since backtracked on his climate policies, instead finally considering economic realities amid significant voter backlash to the state’s cost of living and sky-high energy prices. Newsom’s pivot is demonstrated in clear policy decisions, such as his agreement to sign a recent energy legislative package that included the expansion of oil drilling in Kern County.

California isn’t alone in its long-awaited return to reality. Democrats across the country are rethinking their once landmark climate policies amidst affordability concerns, including in New York, Massachusetts, and Pennsylvania.

But Steyer’s pledge to “lower electricity costs” are rich (no pun intended) coming from a billionaire who has spent his entire career focused on attacking energy companies. Let’s rehash the breadth of his Keep It In The Ground policies.

Just Another Anti-Energy California Politician 

Since entering the political arena more than a decade ago, Steyer’s focus has long been centered around Keep It In The Ground activism. He first made his mark opposing the Keystone XL pipeline, joining forces with Bill McKibben, a longtime leader in state climate litigation, and the now defunct 350.org. Over the years, Steyer has been responsible for pouring millions of dollars into anti-pipeline efforts and other unreasonable anti-fossil fuel policies.

Yet Tom Steyer made his millions through a hedge fund backing coal projects in Australia. As the New York Times reported, Steyer’s initial emergence into politics and portrayal as a opposer to “climate change” was shadowed by his fund pumping hundreds of millions of dollars into companies that operate coal mines and coal power plants. As the New York Times explained:

“But detractors see hypocrisy: As coal linked to Mr. Steyer’s previous investments burns in Asian power plants, he is spending a fortune earned from those investments to pursue a green agenda that would shutter similar plants in the United States.”

Steyer attempted to use his profile to underpin his short-lived Presidential run in 2020, pouring hundreds of millions of dollars into a disappointing finish. Despite climate being a top issue in that year’s Democratic primary, Steyer still couldn’t pull off a win, or really much success at all.

So why does Steyer think he can win now – especially at a time when even blue-state environmentalists are walking back ambitious climate policies in the face of an affordability crisis? Indeed, as electric bills in the Golden State only continue to increase, an anti-energy billionaire’s talk of lower energy costs may fall flat on the ears of concerned consumers.

On a wider scale, Steyer’s anti-energy attacks, and use of political power to do so, extend outside of California. In 2016, it was revealed that Steyer had been using his wealth to interfere in Democratic politics in Colorado as well. Notably, he also supported anti-fracking ballot measures in the state, as Complete Colorado reports:

“In effect, Steyer and his activist allies want to wipe out the vast majority of America’s existing energy sources and force people to use much more expensive and much less reliable alternatives, such as wind turbines, solar panels and electric cars.”

Back in California – Lawfare Backing

Steyer’s record of attacks on energy companies also connects back to the wider climate lawfare campaign. As Energy in Depth has previously analyzed, a 2018 investigation into Steyer’s campaign contributions revealed a pattern of unusual donations to several cities and counties in California involved in climate litigation against oil and gas companies. This investigation, combined with past contributions from Steyer to various plaintiffs shortly before or after they pursued litigation at energy companies, suggest Steyer has long been a major part of the #ExxonKnew campaign.

Unsurprisingly, Steyer also has strong connections to anti-energy activist California Attorney General Rob Bonta. With multiple lawsuits filed against major U.S. energy companies, AG Bonta has made his tool of using litigation to attack U.S. industries anything but a secret.

The two politicians have a long history, further adding fuel to the speculation of Steyer’s involvement in climate lawfare. In 2022, Bonta’s AG run was endorsed by Steyer. Similarly, Bonta endorsed Steyer’s short-lived 2020 presidential campaign.

In the midst of a consistent losing record for climate lawsuits, it will be interesting to see if Steyer continues to attempt to distance himself from climate litigation in his campaign—or use it as a pedestal to relate to Governor Newsom and Attorney General Bonta.

Is a billionaire right for an affordability crisis?

Ironically, Steyer took a swipe at  “ridiculous” rich people in his announcement and touted affordability, which coming from a billionaire, ought to automatically raise some eyebrows.

In California, the comments are especially out-of-touch, as the Daily Caller explains:

“Steyer centered his campaign launch around affordability, promising to lower housing prices and electricity rates for Californians as governor…Steyer argues he will lower electricity costs by breaking utility company monopolies, though some energy policy experts previously told the Daily Caller News Foundation that California’s high costs are due to its aggressive green energy policies…California has the highest tax on gasoline in the nation, and its cap-and-trade program for emissions has also been connected to high energy prices in the state. Golden State ratepayers are on the hook for some of the highest utility costs in America.” [emphasis added]

Why is an out-of-touch billionaire talking about affordability? What’s more, why is that billionaire promising “lower energy prices” after a track record of anti-energy actions?

Bottom Line: Tom Steyer’s official entrance into the California gubernatorial race leaves no question: energy and affordability will be at the top of the ballot in the Golden State. In a time when even Gavin Newsom is shaking his head at further limitations on energy development, Steyer’s long history of anti-energy actions showcase an energy policy deeply out of touch with American consumers.