Cross-posted from The Great Beyond
US billionaire George Soros, founder of the hedge fund Soros Fund Management, has announced plans to invest $1 billion in clean-energy technologies to help stave off global warming.
Speaking at a climate conference in Copenhagen on 12 October, Soros also said he plans to establish – with $100 million of his own money – a new environmental policy group called Climate Policy Initiative.
“I want to apply rather stringent criteria to the investments,” Soros told Bloomberg in an email. “They should be profitable but should also actually make a contribution to solving the problem.”
Soros – estimated to be worth $11
million billion by Forbes – said to reporters in Copenhagen that he lacked scientific expertise, but “the one thing I have is the ability to put money to work” (Guardian).
The Climate Policy Initiative will be headed up by Stanford University Law School professor Thomas Heller, says Bloomberg.
In December this year, parties to the United Nations Framework Convention on Climate Change (UNFCCC) will descend on Copenhagen to wrangle over the details of a new global climate deal — a potential successor to the Kyoto Protocol. See Nature’s Road to Copenhagen special for more coverage.