Billionaire Tom Steyer Plans $100-Million Ad Push on Climate

Hedge-fund tycoon turned full-time philanthropist Tom Steyer plans to spend up to $100-million during the 2014 election campaign on advertisements aimed at turning up the pressure on federal and state leaders to take action on climate change, according to The New York Times.

Mr. Steyer, a leading Democratic supporter who retired from finance in 2012 to focus on giving and politics, is seeking $50-million from other donors to match his own contribution to a war chest for his political organization, NextGen Climate Action. NextGen encompasses a nonprofit advocacy group as well as a super PAC and a research arm.

The money would target governors and lawmakers who dispute that climate change is man-made and oppose legislation aimed at combating it, and support candidates who back more aggressive action on climate. Mr. Steyer has already financed and appeared in ads opposing the Keystone XL pipeline project.