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Photo: Axios

The world will have to spend four trillion dollars a year to solve the climate crisis, Tom Steyer, the billionaire founder of Farallon Capital, said at an Axios virtual event on Thursday, but private businesses will play a crucial role.

Why it matters: Steyer's comments come two weeks after the billionaire launched Galvanize, a climate tech investment platform that will back companies from the seed-stage through private equity and project finance.

  • The platform intends to form a series of funds with different investment strategies, totaling billions of dollars, to invest throughout the climate tech ecosystem, Axios' Dan Primack reports.
  • Steyer, a former presidential candidate, also expressed confidence in the climate initiatives in President Biden's infrastructure bill becoming law, saying, "I think it will happen, it will be significant... and it will be very positive."

What they're saying: "We are seeing a lot more investors, a lot more companies starting to focus on specific climate solutions," Steyer said. "But there's a need for much more."

  • "[A]s money comes in here, we're also going to see an explosion of entrepreneurial talent, of innovation and of focus," he added.
  • "Ten years ago, we were in a completely different political and societal attitude towards our climate crisis. [W]e've had a decade of proof that what people were talking about 10 years ago as a crisis is here and we're seeing it in the United States dramatically every year."

Watch the full event here.

Go deeper:

Go deeper

Big Tech spends millions on ads to sway D.C. leaders

Expand chart
Data: Bully Pulpit Interactive; Chart: Baidi Wang/Axios

New data shows that the tech sector spends the most money by far on public affairs advertising in newsletters targeting D.C. decision makers.

Why it matters: Big Tech's big investment shows how much money the industry is willing to spend on influencing lawmakers, despite the fact that major regulation of the industry appears far off.

Visualizing the climate stakes of Build Back Better's downfall

Expand chart
Data: REPEAT Project; Chart: Kavya Beheraj/Axios

A report from the Princeton-led REPEAT Project examines the scope of Democratic energy legislation in the Build Back Better Act that's on the brink of collapse.

By the numbers: The analysis projects the impact of the more than $300 billion in expanded tax incentives for deploying low-emissions tech, and other climate-related provisions that push the total even higher.

Pelosi announces bid for re-election ahead of 2022 midterms

House Speaker Nancy Pelosi (D-Calif.) announced her bid for re-election Tuesday, amid a deluge of other safe-seat Democrats announcing their retirements.

Why it matters: Pelosi’s announcement follows months of speculation — despite her denials — that she was preparing to leave Congress.