Billionaire Tom Steyer plans net zero apartment upgrades across US

Tom Steyer's Galvanize Climate Solutions will acquire residential properties and retrofit them with the goal of deep emissions reductions.

An arm of billionaire Tom Steyer’s investment firm Galvanize Climate Solutions will begin buying and upgrading property across the US this summer and fall, aiming to cut the portfolio’s greenhouse gas emissions to net zero in three years without the use of offsets.

“This is a real estate strategy with a decarbonization goal,” said Joseph Sumberg, the head of Galvanize Real Estate, who joined Galvanize last October from Goldman Sachs. “Capitalism will look at this successful strategy, and replicate it, creating ripples through the built environment.”

While Sumberg and Galvanize — a firm co-founded by Steyer and Katie Hall that plans to invest billions of dollars — declined to provide a figure for the size of the investment, Sumberg said it will be sizable and will focus on markets including the Pacific Northwest, Colorado, California, Arizona and Texas.

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Source: Bloomberg

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