September 21, 2006
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.
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