Billionaire shells out $250,000 to fight Proposition 23

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The fight to save California’s greenhouse gas law received another big boost Thursday with a $250,000 donation from Nicolas Berggruen. Berggruen made the contribution to the committee fighting Proposition 23 on the November ballot. If passed, Proposition 23 would suspend the state’s greenhouse gas law, which seeks to roll back emissions to 1990 levels by the year 2020.

The measure is supported by oil companies and opposed by Gov. Arnold Schwarzenegger. The no campaign has received a number of large donations from environmental groups and wealthy individual donors. Hedge fund manager Thomas Steyer donated $2.5 million and the National Resources Defense Council has given more than $950,000. Venture capitalist John Doerr has contributed $500,000 and Anne Earhart, heiress to the Getty family fortune, has donated $250,000.

Berggruen is head of a private global investment company. His money will be used to fund digital billboards with ‘job clocks’ showing how many green jobs are being created in California.

-- Anthony York in Sacramento