Billionaire hedge fund manager, philanthropist, and climate change activist Tom Steyer and his wife, Kat Taylor, are contributing $2 million to create a fund for victims of extreme weather events, The Hill reports.
To be managed by the San Francisco Foundation, the Climate Disaster Relief Fund will provide grants to organizations serving the victims of "climate-related disasters" in the U.S., starting with the 2013 wildfires in a number of Western states and including victims of future disasters such as droughts, floods, and weather-related oil spills.
Steyer is following through on a promise he made last year to donate all profits from his investment in the oil and gas company Kinder Morgan to those affected by the wildfires. The retired founder of Farrallon Capital Management said he is now fully divested of his stake in Kinder Morgan, while a Steyer spokesperson told the Washington Post that the San Francisco-based philanthropist's portfolio will be divested of all fossil fuel companies by the end of June. Steyer also has vowed to spend up to $100 million during the 2014 election cycle to help elect Democrats who are committed to fighting global warming.
"Climate change is the defining issue of our generation, and we can no longer afford to wait to address this very real threat," Steyer said in a statement. "Those affected by the 2013 wildfire season have already felt the devastating impacts of climate change, and while the Climate Disaster Relief Fund will help with their recovery efforts, we must act now to prevent future climate-related disasters."