Influential investor George Soros is a big believer in the future of clean tech and energy efficiency – so much so that he has decided to invest $1 billion into the sectors.
He also is creating a new organization to influence policy makers on the environment, reports Bloomberg.
Soros is the founder of Soros Fund Management LLC, which manages more than $24 billion in investments, much of which belong to Soros himself.
The Climate Policy Initiative, a San Francisco-based organization, is the name of the policy and watchdog group, to which Soros will donate $10 million a year over the course of a decade. The group will attempt to influence policy in the U.S., Europe, China, India and Brazil, among other areas.
Thomas Heller, a professor at Stanford University Law School with expertise in energy law and regulation and environmental law, will head the Climate Policy Initiative.
Soros said he prefers an emissions tax over a cap-and-trade system, which he has said is vulnerable to market manipulation.