Tom Steyer Announces 2026 Bid for California Governor, Highlighting Climate

On November 19, 2025, billionaire investor and climate advocate Tom Steyer launched his campaign for California governor in the 2026 election, becoming the latest Democrat to enter a wide-open field to succeed term-limited Governor Gavin Newsom. Steyer, 68, announced via a two-minute video on his campaign website, TomSteyer.com.

Steyer's platform centers on affordability measures that intersect with climate goals. He pledged to launch the largest affordable housing drive in state history, including building more homes through streamlined permitting and accountability for local governments. On energy, he proposed reducing electricity costs by addressing utility structures, which he stated in the video that he would "drop our sky-high energy prices" by reining in monopolies. Housing and energy policies align with California's ongoing clean energy transition, where new construction increasingly incorporates efficiency standards and electrification.

Steyer brings extensive climate experience. He co-founded Galvanize Climate Solutions in 2022, a firm that has raised over $2 billion for decarbonization investments across growth equity, credit, and real estate strategies.

Steyer has a long record in California climate policy. He led efforts to defeat Proposition 23 (2010), a oil industry-backed measure to suspend the state's landmark clean air law (AB 32), and sponsored Proposition 39 (2012), which closed a corporate tax loophole and funded school energy-efficiency upgrades

Current state law (SB 100, strengthened by SB 1020 in 2022) requires 90% clean electricity by 2035 and 100% zero-carbon retail electricity by 2045. Steyer's campaign has not yet detailed specific changes to these targets, but his focus on lowering energy costs while maintaining climate progress could influence implementation.

The 2026 Democratic primary includes candidates such as Antonio Villaraigosa, Tony Thurmond, and others, with no clear frontrunner. Steyer's self-funding capacity and name recognition from past activism position him as a notable contender.