Biden’s Climate Bill: Tom Steyer’s Vacation Perks

Liberal billionaire’s⁤ green ⁤investment ⁣fund works to ‘take advantage’⁢ of federal ⁣climate spending

Billionaire climate activist Tom Steyer, who provided his Lake Tahoe mansion for a Biden family vacation this week, manages a green energy investment ‍fund that’s working ⁣to “take advantage” of federal climate change spending provided through President Joe Biden’s so-called Inflation‍ Reduction Act.

Just two months before the Biden‍ family arrived at Steyer’s $18 million property, the liberal ⁤billionaire’s green energy fund touted its ⁤work to “take advantage of the financial incentives from the​ Inflation Reduction Act” through a real estate project that helps developers obtain taxpayer funds. Steyer’s firm, Galvanize Climate ​Solutions, also invests in⁣ a slew of green energy companies ⁣that stand to benefit from the hundreds of billions of dollars in uncapped tax ⁣incentives included in the Inflation Reduction Act, a Washington Free Beacon ​review found.

Steyer’s⁤ open pursuit to​ leverage Inflation Reduction⁢ Act funding to advance his green portfolio did not stop Biden from taking his family to⁢ Steyer’s luxurious lakefront property ⁣ for⁤ a week-long vacation. Included on the trip is scandal-plagued first⁢ son Hunter Biden, who has used his father’s name‌ to profit handsomely in energy-related business dealings. Steyer ‍in 2020 met with eventual White House chief of staff Ron⁤ Klain to discuss a potential energy policy‌ role ⁢in the‌ Biden administration, and‌ the billionaire launched his green energy investment firm⁢ just one year ⁣later.

For Michael Chamberlain, director of ethics watchdog ​group Protect the Public Trust, Steyer’s status as ‌Biden’s vacation host reflects the president’s open embrace of green energy insiders. In one case, Biden heaped praise ​ on an electric bus company that counted⁣ his energy secretary, Jennifer Granholm, as a ⁤top investor. That company, Proterra, declared bankruptcy earlier this month—but only after Granholm sold her stake for a sizable profit.

“Large ⁤tranches of ‍so-called Green New ⁤Deal funds [are] going to former employees and clients of senior appointees,” Chamberlain said. “This is certainly ​not consistent with the ⁢most ethical and transparent administration we were promised.”

Neither the White House nor Galvanize returned requests for comment. The Biden administration ​has defended the vacation by arguing that Biden⁤ is renting Steyer’s‍ home ​”for fair‌ market value.”

Steyer’s ​Galvanize works to deliver​ financial returns​ by “catalyzing ‌an acceleration of energy transition and⁢ climate ⁤aligned behaviors.”⁤ The ​market for ‍that energy transition⁤ exploded in the United⁣ States following Biden’s Inflation Reduction⁤ Act, which‌ allocates more⁢ than $1 trillion for uncapped green energy tax credits. One of Galvanize’s partners, Alcemy, works to produce “sustainable cement.” Biden’s legislation contains $5 billion for green building material programs.

In addition to the extensive federal benefits made available‌ to Galvanize’s green‍ energy portfolio, Steyer’s ⁤green energy investment fund also tapped John Podesta as‌ an adviser, paying the former White House chief of staff $84,000 in consulting ‍fees between December 2021 and August 2022. Biden⁣ later appointed Podesta to oversee the Inflation Reduction Act’s climate investments. Following Podesta’s appointment in⁤ September 2022, ‍Galvanize met with ‍Podesta and Treasury ‌Secretary Janet Yellen to⁢ discuss how to best utilize the federal climate funds, the Free Beacon reported ⁢ in ‍December.

Steyer is also pushing the Securities and Exchange Commission to pass ​a new ‍rule ⁤ that would require ⁣publicly ‍traded companies to provide certain climate-related ⁣information in their financial filings. Steyer’s firm​ could benefit from such ⁣a rule, given that Galvanize invests in a company that helps ‌clients report emissions.⁢ “The current lack of mandatory ‍disclosures has left ‌U.S. companies at a distinct competitive disadvantage,” Steyer wrote in a public comment filed⁢ last year to⁤ the ⁣commission. “It is critically important to conduct appropriate⁤ diligence on the transition and physical risks that a company is facing⁣ related ⁢to the climate crisis.”

Biden and his family arrived at Steyer’s mansion ‍on August 18⁢ for a week-long stay. The waterfront mansion is considered “one of Lake Tahoe’s finest lakefront properties and the​ pinnacle waterfront estate within the gated Glenbrook⁤ community” and features a “spectacular lakeside gazebo [that] rests between the park-like‌ grounds and the calming shores ‍of Glenbrook Bay.” ​Local officials are investigating the rental arrangement, ⁤according to the ‍ Nevada Globe, as Steyer ⁤does not appear to hold a vacation ​rental permit.