Calling ‘Em Like He Sees ‘Em

Why You Should Read Tom Steyer’s New Climate Book

Legendary investor and climate warrior Tom Steyer is out with a great new book. I recommend you all read it. I listened to the audio version and really enjoyed Tom’s enthusiastic narration. His sincerity, clear thinking, determination, and charisma shine through. 

(Disclosure: I know Tom and have admired his leadership in the climate space for a long time.)

Here are some parts of the book that really caught my attention: 

On the title 

The book’s title — Cheaper, Faster, Better — is fine, but I think it undersells the content Tom tackles. To be sure, Tom does a good job of making the case that innovation will in fact produce cheaper, faster, and better ways to address climate challenges. But this idea is now well established and broadly understood. What’s more interesting to me is where Tom ventures into less familiar terrain. 

On finding meaning in life 

As an example, Tom connects the perennial search for a life well lived to the fight for a climate victory. He asks readers the straightforward and provocative question: “How do you want to spend your limited time on earth?” 

Tom explains how being a full-time climate activist has been his most fulfilling professional experience and, aside from his family life, his most fulfilling personal one too. I think Tom makes an important point here. Finding a cause — whether it is climate or some other worthy endeavor — will add meaning and satisfaction to your life, and it also just might make the world a bit better. I urge you to consider Tom’s advice on this front carefully.

On lessons from success

Tom tells great stories about some of his big wins as an investor. And he tells them in a straightforward, informative, and entertaining manner. He makes investing sound like a fun way to make a living. He also draws lessons from these experiences that can work for tackling big challenges like climate, including: 

• Exercise powerful common sense and focus on what you really believe.

• If you think you’re right, make your bet a big one.

• Sharpen your BS detector; don’t just go with the flow.

Tom’s experience reminds me how powerful it can be when people transition from diverse sectors and apply their prior experience and wisdom to addressing new challenges like climate. I saw this work all the time when I was at TNC. I also think transitions like this present a big opportunity for readers of this newsletter. My advice to you: Go for it! 

On fossil fuels 

There are some places where Tom’s and my views diverge. This comes up most prominently in his approach to the fossil fuel sector. 

Tom bashes the fossil fuel sector — especially oil and gas companies — throughout the book. He makes a strong case that the sector’s political spending constitutes a major obstacle toward further progress. And — unlike other critics — he casts a wide net of blame, encompassing not just the oil and gas companies but the entire ecosystem that supports them. No one gets a pass for their role — not the banks, insurers, consultants, tax lawyers, media figures, or supportive think tanks, etc. He even calls out Warren Buffet and Jamie Dimon by name.

His sharp rebuke of this crew is rooted in fair criticism: many of them have engaged in past disinformation campaigns, opposed climate policy, and funded climate deniers. But I wish Tom had been clearer about exactly what he thinks oil and gas companies (and their many business partners) should do right now. 

For example, what does Tom make of companies like BP and Shell whose new leadership has scaled back what had been industry-leading investments in renewables and who have been rewarded in the marketplace with much higher stock prices?

And what about Tom’s advice that climate advocates should pick strategies that work? Climate hawks have been bashing oil and gas companies in the US over the past ten years. What’s happened? We now produce more oil than ever before. 

My take: Instead of bashing oil and gas company CEOs and asking them to voluntarily decarbonize, let’s require them to do so via regulations and other public policies. Will this be easy? Of course not. We have a lot of difficult work to do, and I think we should be clear-minded about making this the top priority.

On politics

At the end of the book Tom turns to this topic and provides, in my view, his best advice. He appeals to all climate-concerned citizens to engage energetically in politics. He explains why we need the rules, regulations, incentives, and mandates that only government can deliver. Here Tom and I enthusiastically agree.

Tom is very blunt about the need to rev up political engagement in the United States right now. We have a choice between a past president who would be a disaster for climate and a current one who has been the best ever. I hope all environmentalists and climate advocates are persuaded by Tom’s book to get off the sidelines and get as active as possible in the upcoming election. 

Onward,