ESG & Investing
Ex-Goldman Sachs Banker Plans to ‘Massively’ Scale New Steyer Venture
- Sumberg is buying properties and making them climate-proof
- He calls this ‘biggest opportunity in commercial real estate’
Climate change now represents a new cycle of risk for the real estate market.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Joseph Sumberg, a former managing director at Goldman Sachs Group Inc., is betting his career on the idea that climate change is about to turn the real estate market on its head.
Since late 2022, the 42-year-old has been working with billionaire investor Tom Steyer to build strategies around the unique challenges facing real estate as the planet heats up. As founder and head of the real estate division within Steyer’s investment vehicle, Galvanize Climate Solutions LLC, Sumberg is in charge of buying up properties and making them climate-proof.