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Joseph Sumberg, a former managing director at Goldman Sachs, is betting big on the impact of climate change on the real estate market. Partnering with billionaire investor Tom Steyer, Sumberg leads the real estate division of Galvanize Climate Solutions, focusing on acquiring and climate-proofing properties. He views this as the "biggest opportunity in commercial real estate," driven by the increasing risks climate change poses to property values. As insurance companies retreat and regulations tighten, Sumberg is positioning Galvanize to scale rapidly, particularly in high-risk markets like New York and California.
Original article posted on August 26, 2024