Branson Commits $3B to Renewable Energy
Virgin Group founder Richard Branson will spend three billion dollars in the next 10 years on a variety of projects to combat global warming and reduce dependence on fossil fuels. The announcement was made at the Clinton Global Initiative in New York, Yahoo News reports.
Branson said Virgin Group will invest all future profits from its airline and train businesses into renewable energy initiatives within the company and in other investments in new biofuel research and other projects to tackle emissions related to global warming. Virgin currently estimates this commitment to be three billion dollars over the next 10 years.
Virgin said the initiative would take the form of investment in new fuel technologies through an investment unit called Virgin Fuels, for which Branson’s group has pledged 400 million dollars in the next three years.
The first investment is in Cilion, which was announced earlier this month.
Energy Manager News
- The Evolution of Customer Renewable Energy Choice
- Target, adidas, Walmart Honored for Efficient Roof-Top Units
- Rising Tide of Energy Storage Floats all Boats
- Better Buildings Alliance Launches Indoor Lighting Campaign for Commercial Buildings
- Scaling of Energy Storage Market Hinges on ESSI Vendors
- CalCom Solar to Deploy 1.1MW at Dairy
- Raritan Combines DCIM, IT Management for Data Centers
- Army to Save $113M Over 19 Years with CHP Plant