John Kerry is teaming up with billionaire left-wing environmentalist Tom Steyer, announcing plans to join Steyer's investment firm Galvanize Climate Solutions, which has poured millions into climate-related technologies.
Kerry's new role as the firm's co-executive chair comes months after he stepped down from his role as the Biden-Harris administration's lead climate diplomat in March, saying he would instead devote his energy to work on the Biden campaign. According to the firm's announcement Monday, Kerry will expand Galvanize's investment strategy and leverage his knowledge "as to how technology, policy, and geopolitics are shaping the energy transition."
The move is the latest example of the revolving door between the administration and the green energy industry, which has largely been buoyed by government programs. And it raises questions about how Kerry was recruited for the role and whether he was wooed while in his high-ranking position spearheading climate policy and pushing green energy on the international stage.
It also remains unclear whether Kerry maintains any official role with Democratic presidential nominee Kamala Harris's campaign, though he joined an "Elders for Kamala" fundraising call organized by environmental activists in August. Regardless, if Harris is elected president, Kerry is in prime position to leverage his administration contacts at Galvanize.
"The energy transition is well underway and is only set to accelerate, driven in part by policy but more so by inexorable technological trends. I am convinced that Galvanize is positioned to play a key role in bringing competitive, commercially viable solutions to market and generating long-term value," Kerry said in a statement Monday.
"Secretary Kerry is a bridge-builder, calling people in rather than calling them out," added Steyer. "This unparalleled knowledge, credibility, and convening power will help Galvanize to expand the firm’s global scope, scale solutions across asset classes, and generate compelling returns."
The Harris campaign, State Department where Kerry's office was housed, and Galvanize didn't respond to requests for comment.
Steyer—best known for spending $6.2 million for every minute that he spoke during a November 2019 Democratic primary debate during his futile run for president—continues to wield significant financial and political influence in pushing the green transition. His net worth is approximately $2 billion and hasn't been shy to dip into his wealth to support environmental causes and politicians.
His activism has earned him at least eight invitations to visit the White House during the Biden-Harris administration. On April 23, Steyer and Galvanize chief of staff Alex Fujinaka met privately with White House climate adviser Ali Zaidi. One hour later, Steyer was granted a one-on-one meeting with Harris in the West Wing. It is unclear what was discussed during those meetings.
In addition, after joining the administration to lead implementation of the Inflation Reduction Act's massive green spending programs in September 2022, White House clean energy czar John Podesta disclosed that he had worked in an advisory role for Galvanize. According to Podesta's financial disclosures, Galvanize paid him $55,000 in advisory fees in 2022 and $84,000 overall. It is unclear what Podesta's role with Galvanize was—the firm mentioned him in just one press release in 2021.
Then, in October 2022, one month into his new government position, Podesta hosted Galvanize leaders and other climate investors for a Treasury Department roundtable on the Inflation Reduction Act. Michael Chamberlain, the director of ethics watchdog group Protect the Public's Trust, told the Washington Free Beacon at the time that Podesta's involvement in the roundtable avoided clear violations, but still appeared to "advance the interests" of Galvanize, his former client.
Galvanize later boasted that its investments would "take advantage of financial incentives from the Inflation Reduction Act and accelerate decarbonization."
Steyer's involvement in the green energy space stretches back decades, long before he founded Galvanize. A 2014 report authored by Republican staff on the Senate Environment and Public Works Committee identified Steyer as part of a "club of billionaires" seeking to spearhead the climate movement and influence government policy.
In 2008, Steyer and his wife founded the nonprofit TomKat Charitable Trust, which morphed into the TomKat Foundation in 2015, according to Influence Watch. Through those organizations, Steyer has wired hundreds of thousands of dollars to climate-focused groups and initiatives.
He also founded NextGen America and its 501(c)(4) affiliate NextGen Climate Action, which seeks to promote environmentalism through political expenditures, such as advertisements and legal services. According to FEC filings, Steyer has wired tens of millions of dollars to NextGen Climate Action's political action committee.
Steyer has also given millions of dollars directly to Democratic campaigns, donating more than $1.1 million in support of Democratic presidential candidate Kamala Harris during the current election cycle, for example.
Since Steyer founded Galvanize in 2021, it has invested heavily in more than a dozen climate companies such as Zhero and Lydian, two green energy developers; Regrow, a green agriculture company; Plotlogic, a software for developers mining minerals for green technologies; and Pulsora, a platform companies use to track sustainability initiatives.