Branson gives $3bn to fight global warming
“Sir Richard Branson has pledged $3bn (£1.66bn) over the next decade towards combating global warming.
“The billionaire said business had a duty to future generations and the money would come from the profits of his Virgin Group’s airline and train operations, making it one of the most significant investments by a private firm in green initiatives.
The funds will be invested in schemes to develop new renewable energy technologies, including new biofuels for aircraft which could cut down on damaging CO2 gases.
“As part of the investment, more than half of the profits of Virgin Trains - of which Sir Richard’s Virgin Group owns 51% - will be allocated to the environment.
“Perth-based Stagecoach, which has the remaining 49% stake in Virgin Trains, said it had no plans to match Branson’s pledge.
A Stagecoach spokesman said it had been aware of the Virgin Group’s announcement, and it hoped to pilot some of the renewable energy initiatives financed by Sir Richard.
“Announcing the investment in New York, Sir Richard said that future dividends and proceeds from the sale of assets, including shares from Virgin’s airline and train operations, would be invested in green power in an effort to wean the world off oil and coal …”
The Herald
“Sir Richard’s pledge also comes soon after Sir Tom Hunter, currently the richest man in Scotland, announced he is to spend £55m on improving health and education in two African nations, as part of the Clinton-Hunter Development Initiative …”
Can Branson’s billions help save us from global doom?
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