Billionaire investor and climate activist Tom Steyer has officially launched his campaign for California governor, adding another high-profile name to an already crowded 2026 race. Steyer, a longtime Democratic donor and environmental advocate, announced his candidacy Wednesday with a platform centered on affordability, climate resilience, and government reform.
Steyer, who previously ran for president and helped lead national efforts to impeach former President Donald Trump, said his decision comes from a desire to tackle California’s growing economic challenges. In his campaign video, he emphasized his experience building a multibillion-dollar business and later walking away from it to serve the public.
“I wanted to build a business here. Now it’s worth billions. And I walked away because I wanted to give back to California,” Steyer said.
His announcement highlighted several past accomplishments, including his work defeating proposals that would have weakened California’s landmark clean-air and climate laws. He also pointed to his efforts in raising the state’s tobacco tax to support critical health programs.
Steyer’s policy agenda includes lowering electricity costs, constructing one million new homes within four years, eliminating corporate PAC money from California elections, and making pre-school and community college free for all residents.
Steyer criticized what he called a resistant political establishment, saying: “Sacramento politicians are afraid to change the system. I’m not.”
He enters a competitive field of candidates seeking to replace Governor Gavin Newsom when his term ends in 2026. California restricts governors to two terms, opening the door for a major political shift in the nation’s most populous state.
Democratic contenders include:
- Former Los Angeles Mayor Antonio Villaraigosa
- Former HHS Secretary Xavier Becerra
- Former U.S. Rep. Katie Porter
- State Superintendent Tony Thurmond
- California Democratic Party Vice Chair Betty Yee
- Former Assembly Majority Leader Ian Calderon
Leading Republican candidates:
- Former Fox News commentator Steve Hilton
- Riverside County Sheriff Chad Bianco
As California prepares for one of its most consequential elections in decades, Steyer’s entry injects both financial power and climate-focused urgency into the race.
