Billionaire climate activist Tom Steyer and Democratic Representative Eric Swalwell have officially launched their campaigns for governor of California in the 2026 election, joining a crowded field of contenders aiming to succeed the term-limited Governor Gavin Newsom.Steyer highlighted his plans to lower the high cost of living, reform energy markets, and expand housing by proposing one million new homes over four years while pledging to break up utility monopolies and reduce electric bills.Swalwell emphasized affordability by lowering prices and raising wages, framed his race as fighting to keep Donald Trump out of Californians' lives, and dismissed a Justice Department probe against him as politically motivated nonsense.