Clean Energy Investors Flash Cash in California Climate Battle
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California’s clean energy investors are raising millions of dollars for an advertising battle with oil refiners who want to delay the state’s new law on reducing greenhouse gas emissions.
The campaign, supported by investors such as Tom Steyer, founder of San Francisco-based hedge fund Farallon Capital Management LLC, aims to convince residents to vote against the so-called Proposition 23 when it comes up for approval in November. The proposal, backed by the oil industry, would delay laws to begin regulating the state’s carbon emissions in 2012.