Now if only every large company in the world did this.

from here

Out of an estimated $7.3 billion pledged to address issues such as poverty, disease, conflict and climate change at the Clinton Global Initiative (CGI) last week, nearly half of it will go toward renewable energy projects thanks to a $3 billion pledge by British business mogul Sir Richard Branson.

…

“If we can develop alternative fuels, if people can take risks on developing enzymes, if we can try to get cellulosic ethanol, then replace the dirty fuels that we are using at the moment. Then I think we have got a great future, I do,” said Branson at the CGI.

The 10-year, $3 billion commitment follows the launch of his newest company earlier this month, Virgin Fuels, which pledged to invest up to $400 million dollars in renewable energy initiatives over the next three years, starting with the California-based ethanol company, Cilion, Inc.

“What Richard Branson did here is truly wonderful. But you don’t have to have $3 billion to commit over ten years to replicate it. It will get a lot of press because of the staggering dollar amount and because he is brilliant and charismatic. …The most important thing Richard Branson has done is to remind us that yes, we need government changes. Yes, we need rule changes,” said President Clinton in his closing address last week at the CGI.

“But for those of us who aren’t in and can’t make those changes, except to vote for different policies when we get the chance in our respective countries, there is today a staggering set of economic opportunities that will yield good return on investment, to reduce the threat of global warming, create new jobs, start new businesses, promote greater equality, as well as a sustainable environment,” continued President Clinton. “That is the real lesson of the Branson commitment, and therefore, all of us can participate in that, going forward.”

The great part about all of this is that Virgin gets great press, the world gets much needed funds, and the human race (with the help of many other people) may just have a small chance at not going extinct. Now every other rich person in the world needs to drop a couple billion for renewable energy and we will on the right path.

Edit:

Thanks for Kieth for bringing to my attention that not everyone is as pleased as I am about Virgins actions.

From here

According to the government’s formula, each kilometre travelled by an airline passenger on a long-haul flight accounts for 0.11kg of carbon dioxide. The Guardian calculated that offsetting Virgin Atlantic’s entire annual flight operation would involve planting 59m trees.

Many environmentalists argue the booming market in cheap flights is a disaster for the climate and have called on politicians to legislate so that the truer environmental cost is reflected in ticket prices, driving down demand.

The environmentalist George Monbiot, a Guardian columnist, argued this week that there were no easy technological answers to curb carbon dioxide emissions by aircraft and that the situation would only be improved by cutting the number of planes.

I am somewhat disappointed that this money will mainly be going towards bio-fuels, which I see more as a band-aid and not so much a solution to the global warming problem. Its more of a crutch to wean us off of fossil fuels and then to bio-fuels, and then no fuel at all (electric cars powered by energy from wind and solar).