Email
Password
Remember meForgot password?
    Log in with Twitter

article imageBillionaire Soros commits $1 billion to combat climate change

By Kay Mathews     Oct 12, 2009 in Environment
Billionaire George Soros will invest $1 billion in clean energy technology and another $100 million over ten years in a Climate Policy Initiative. Global warming is a "political problem" requiring "political will" to solve it, Soros said.
At a climate change meeting held over the weekend, billionaire George Soros announced that he will invest "$1 billion in clean energy technology as part of an effort to combat climate change," reports Reuters.
Moreover, according to Bloomberg, Soros has committed $10 million per year over 10 years to the establishment and continuation of the Climate Policy Initiative.
Thomas Heller, professor at Stanford University Law School in Stanford, California, whose expertise is in energy law and regulation and environmental law, will be heading the initiative. Heller told Bloomberg:
It [Climate Policy Initiative] will be part advisory service, part policy developer and part watchdog. Its goal is to look after the public interest as policies and programs are created to address climate change. The group will work in the U.S., Europe, China, India and Brazil.
Soros announced his billion dollar clean energy investment and the formation of the advisory initiative in Copenhagen, Denmark during a meeting sponsored by Project Syndicate, which is an international association composed of 430 newspapers from 150 countries.
The meeting at the Danish capital comes two months in advance of the meeting of governments to be held there in December. The goal of the December meeting is to work out "a new global climate agreement to replace the 1997 Kyoto Protocol" according to Reuters.
A meeting in Bangkok last week was marked by a dispuate between poorer and richer nations over whether to abandon or renew the Kyoto Protocol, which is the only existing global agreement to reduce carbon dioxide emissions blamed for global warming.
Soros told the editors meeting in Copenhagen that "Global warming is a political problem." Further, in a brief emailed statment to Reuters, Soros said, "The science is clear, what is less clear is whether world leaders will demonstrate the political will necessary to solve the problem."
Hungarian-born Soros is the founder of the hedge fund Soros Fund Management LLC. The philanthropic efforts of Soros revolve mostly around promoting open and free societies. He also supports free press, public health, and education intiatives. Recently, reports Bloomberg, Soros made a $50 million challenge grant to the Robin Hood Foundation, which fights poverty in New York City, and donated $35 million to help needy children in New York state to buy school supplies.
More about Soros, Climate, Billion
 
Latest News
Top News