Philanthropist and former Democratic presidential candidate Tom Steyer is urging President Joe Biden to be ambitious in his administration's plan to tackle climate change, and that means doing more than simply reversing the retrograde policies of his predecessor.  

"I think Mr. Trump never dealt with the facts on the ground, and he put in a lot of executive orders that I believe that President Biden will successfully overturn," Steyer told Cheddar. 

The bigger question for Steyer is whether or not the Biden administration will successfully pass the "Build Back Better" plan the president and vice president campaigned on. 

The plan sets out an expansive agenda for creating jobs, addressing racial inequality, recovering from the pandemic, and tackling climate change through infrastructure and green energy investments. 

"We've really moved past the question about are we going to do this," Steyer said. "The question is how are we going to do this, how fast are we going to do this."

For the former hedge fund manager, also mobilizing the private sector to this end is essential. 

"To a large extent, this is going to come down to the private sector leading in technology, leading in entrepreneurship, and really making it happen in the way that America has traditionally has won," he explained. 

Responding to climate change is inevitable, Steyer added, especially with more Americans from both sides of the aisle embracing the need for a green transition. What's still up in the air is whether the U.S. economy benefits more or less from the transition. 

"Honestly, if we don't lead here, if we follow the rest of the world, then these products will be created, but the jobs will be created in Shanghai. The jobs will be created in Frankfurt," he said. "We're behind. Americans can win, but that means we have to redouble our effort."

Steyer pointed to the recent announcement from GM that it will only produce zero-emission vehicles by 2035 as an example of the growing embrace of a green economy.

"Look, I was an investor for 35 years," he said. "You always have to invest in the future. You can't be investing in the ideas of the past, and we are behind. We can't spend any more time rebuilding 1950. What we need to do is build 2050 to invest in the future."

Share:
More In Business
Stretching Your Dollar: When to Opt for a Credit Union Vs. Bank
Kia McCallister-Young, director of America Saves, joined Cheddar News to explain key differences to consider when making a choice between a credit union and a bank. "You want to do your research and know exactly how to gain membership to a credit union," she said, "but, again, banks often are able to be more accessible and be in neighborhoods."
Startup Says 'Smart' Chicken Coops Could Promote Backyard Farming
Producing your own food doesn't mean you have to own your own farm, and it might be as simple as raising some backyard chickens. Agri-tech startup Coop aims to make this easier for non-farmers with a so-called "smart" chicken coop. Cheddar News Senior Reporter Michelle Castillo found a flock to learn more.
Lawmakers Grill Regulators About Banking Collapse
Capitol hill is trying to get to the bottom of the bank collapses that shocked the financial system last month, and today lawmakers grilled banking regulators about why they weren't able to stop the crisis. Cheddar News correspondent Lisa Bennatan broke down the proceedings.
Alibaba to Split Itself Into 6 Business Groups
Alibaba is splitting itself into into six business groups as the Chinese e-commerce company attempts to become more nimble in reacting to changes in the market and increase the value of those units.
At Trial, Minnesota Says E-cigarette Maker Juul Targets Kids
Juul will finally have its day in court for its role in the teen vaping epidemic. The Minnesota attorney general is preparing for opening arguments in the state's lawsuit against the vape maker. Here to break down the complicated backstory for this legal case is Senior Reporter Chloe Aiello.
Load More