Politics & Government

July 27, 2010

California's climate change law backer donates $5 million to fight Prop 23

Thomas Steyer, a San Francisco hedge fund manager and a big backer of Democratic candidates, will donate $5 million to a group opposing the ballot measure to roll back California's landmark climate change law. California's greenhouse gas reduction law, or AB 32, aims to cut emissions to 1990 levels statewide by 2020. Backed by Valero Energy Corp. and Tesoro Corp. of Texas, Proposition 23 seeks to suspend AB 32 until the statewide unemployment rate drops to 5.5 percent for four consecutive quarters.

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