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April 02, 2015

Steyer Nonprofit to End Climate Program and Build 'Incubator'

Billionaire philanthropist Tom Steyer's environmental-policy nonprofit is shutting down its climate and energy program, according to Politico, which says the move could signal plans by the former hedge-fund tycoon to shift more resources to direct political activity as the presidential election looms. Next Generation, which Mr. Steyer co-founded in 2011, will continue work as a "nonprofit incubator," Kate Gordon, head of the group's energy program, wrote in an e-mail obtained by Politico.

Next Generation's energy-policy operations will shift to another nonprofit, NextGen Climate America, which is "co-located" with Mr. Steyer's super PAC, NextGen Climate Action, Ms. Gordon wrote. Mr. Steyer gave more than $65 million last year to the political arm of his network in support of gubernatorial and Senate candidates who favor action on climate change and clean-energy initiatives.

Read a Chronicle of Philanthropy article on how Mr. Steyer and other billionaire activists are combining their charitable and political agendas.