Billionaire Tom Steyer has been widely credited for supporting environmental projects and fervently objecting the Keystone XL pipeline. Steyer has spent millions of dollars advocating against the construction of the pipeline, claiming the environmental impact will be much greater than the economic benefit.
Despite his constant claim to saving the environment, Steyer has built his wealth through heavily investing in the fossil fuel industry, the very sector he has chosen to stifle by objecting Keystone XL.
Steyer’s hedge fund, Farallon Capital Management, has major holdings in the oil and gas industry, and Steyer is one of the firm’s largest investors. The firm owns tens of millions of dollars in Kinder Morgan stock, an oil pipeline giant that is the sole pipeline provider of petroleum in California.
Building the Keystone pipeline would create competition for Kinder Morgan and their hold on the industry. This would not only hurt Farallon’s stock holdings but subsequently Steyer’s investments in the hedge fund as well.
With his continual advocacy for the environment and opposition of Keystone XL, Steyer will continue to profit off of the fossil fuel industry. To many, campaigning against the Keystone XL pipeline may seem like a way to encourage environmental conservation, but for Steyer it is merely a way for him to protect his investments.
Read more about Steyer’s shifting involvement in investments here.