CNBC: “Tom Steyer announced Thursday he is launching a climate investment fund, called Galvanize Climate Solutions.

It will invest “in the billions” of dollars in various decarbonization efforts, ranging from seed-stage start-ups to major investments in business expansions, a spokesperson for Steyer told CNBC.

The fund will focus on what Steyer called “Movement Capitalism,” or using capitalism to make change.

“Movement Capitalism is an economic philosophy that employs the foundations of capitalism – innovation, entrepreneurship, competition – and merges those with the power of global activism, in support of a higher public purpose,” said Steyer in a written statement. “The practice of Movement Capitalism involves not only generating profit, but also successfully addressing global challenges, such as the climate crisis.””

Read the full story from the CNBC.