Branson pledges $3bn transport profits to fight global warming

Billionaire to plough cash into new branch of conglomerate producing controversial biofuels Dan Milmo and David AdamFriday September 22, 2006The Guardian Richard Branson, Bill Clinton and Al Gore at the annual Clinton Global Initiative meeting in New York. Photo: Chris Hondros/Getty
Sir Richard Branson joined the growing ranks of global warming activists yesterday by committing $3bn (£1.6bn) to tackle climate change. The billionaire pledged all profits from his Virgin air and rail interests over the next 10 years to combating rising global temperatures. However, the estimated $3bn will not go to charities and will be invested in a new branch of Sir Richard's ever-expanding Virgin conglomerate, Virgin Fuels. Much of the investment will focus on biofuels, an alternative to oil-based fuels made from plants.