Branson pledges to invest about $3bn to cut transport's climate impacts
Sat 23 September 2006
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Sir Richard Branson, head of the Virgin Group, has promised to invest the profits from his transport businesses over the next decade to combat climate change through investments in schemes to develop renewable energy and fuels.
The Virgin boss has commited all profits - likely to amount to about £3bn - from his travel firms, including the airline Virgin Atlantic and Virgin Trains, over the next 10 years.
According to the Financial Times, Sir Richard said he was "starting the ball rolling" on environmental reform because "global warming could literally wipe out the world."
"Transport and energy companies must be at the forefront of developing environmentally friendly business strategies...We must rapidly wean ourselves off our dependence on coal and fossil fuels." he added.
The investment funds will be aimed at schemes to develop new renewable energy technologies, through an investment unit called Virgin Fuels.
Sir Richard made the announcement in New York at the Clinton Global Initiative, an annual conference hosted by former US President Bill Clinton.
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