Scoop: The Wall Street Titan joins John Kerry’s climate team

Mark Gallogly, a Wall Street veteran and Democratic donor, is joining John Kerry’s international climate team, people familiar with the matter tell Axios. Why It Matters: The hiring of someone with Gallogly’s experience is an indication that Kerry plans to capitalize on markets and invest strategies to combat climate change. Gallogly is the most famous New York investor to sign up with the Biden administration. Receive market news worthy of your time at Axios Markets. Subscribe for free. The big picture: “We need to work hand in hand with the private and public sectors to provide the funding that is vital – trillions of dollars in funding – so countries can do what they need to do.” “Kerry, Special Envoy on Climate Change, told the Munich Security Conference. Gallogly will focus on liaising with the business community. His job does not require Senate confirmation. The State Department is still organizing Kerry’s office and declining to hire.” “We hope to be able to provide more details soon as soon as we consult with Congress,” said a spokesman. Gallogly co-founded Centerbridge Partners, a private equity firm after 16 years with Blackstone, a Private equity firm that had spent December focused on his family investment office with an interest in climate solutions. During the Obama administration, Gallogly served on the President’s Employment and Competitiveness Council and the President’s Economic Recovery Advisory Board Brian Deese The director of the National Economic Council and Wally Adeyem o, candidate for Assistant Secretary of the Treasury, both worked for Blackrock, the world’s largest wealth management firm. They are more creatures of Washington than Wall Street. Gallogly made a name for himself and his money. Gallogly: As a longtime Democratic donor, Gallogly initially supported Beto O’Rourke as president, but joined the Biden campaign last summer. He and his wife, Lise Strickler, co-hosted a virtual fundraiser in Biden on June 18, entitled “Climate Leaders for Biden”. They raised more than $ 4.4 million. “We only have nine years to prevent the worst effects of climate change,” said Biden at the fundraiser. “For me the climate is personal. It’s urgent, it’s top priority. ”More from Axios: Subscribe to receive the latest market trends at Axios Markets. Subscribe for free