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Branson makes $3bn climate pledge Branson makes $3bn climate pledge
(10 minutes later)
Sir Richard Branson is to invest $3bn (£1.6bn) to fight global warming.Sir Richard Branson is to invest $3bn (£1.6bn) to fight global warming.
The Virgin boss said he would commit all profits from his travel firms, such as airline Virgin Atlantic and Virgin Trains, over the next 10 years.The Virgin boss said he would commit all profits from his travel firms, such as airline Virgin Atlantic and Virgin Trains, over the next 10 years.
"We must rapidly wean ourselves off our dependence on coal and fossil fuels," Sir Richard said.
The funds will be invested in initiatives to develop new renewable energy technologies, run by Virgin companies and other businesses.
One of the UK's best known entrepreneurs, he made the announcement at a news conference in New York.One of the UK's best known entrepreneurs, he made the announcement at a news conference in New York.
The funds will be invested in initiatives to develop new renewable energy technologies, both run by Virgin companies and external businesses.
"We must rapidly wean ourselves off our dependence on coal and fossil fuels," said Sir Richard.
Trains and planesTrains and planes
Worth an estimated £3bn, Sir Richard started his career in the record industry before moving into everything from mobile phones to credit cards.Worth an estimated £3bn, Sir Richard started his career in the record industry before moving into everything from mobile phones to credit cards.
Virgin Trains operates two UK rail franchisesVirgin Trains operates two UK rail franchises
He established his main airline Virgin Atlantic in 1984, starting services between London and New York.He established his main airline Virgin Atlantic in 1984, starting services between London and New York.
Today he also owns two low cost airlines, Virgin Express in Europe and Virgin Blue in Australia. He also owns two low-cost airlines, Virgin Express in Europe and Virgin Blue in Australia.
His Virgin Group owns a 51% stake in UK train company Virgin Trains.His Virgin Group owns a 51% stake in UK train company Virgin Trains.
This operates the UK's west coast main line franchise between London and the west of Scotland, and the cross country franchise between the south west of England and Scotland. This firm the UK's West Coast Main Line franchise between London and the west of Scotland, and the cross country franchise between the south west of England and Scotland.
Major donationsMajor donations
Mr Branson's pledge comes after US billionaire investor Warren Buffett announced in June that he was donating $37bn to charity.Mr Branson's pledge comes after US billionaire investor Warren Buffett announced in June that he was donating $37bn to charity.
Mr Buffett has given the money to the charitable foundation run by Microsoft founder Bill Gates, which works to reduce global poverty and improve health and access to education. Mr Buffett gave the money to the charitable foundation run by Microsoft founder Bill Gates, which works to reduce global poverty and improve health and access to education.
Mr Gates himself said in July that the charity, the Bill and Melinda Gates Foundation, was pledging $287m in a bid to speed up the development of a vaccine for the HIV/Aids virus. Mr Gates himself said in July that the charity, the Bill and Melinda Gates Foundation, was pledging $287m in a bid to speed-up the development of a vaccine for the HIV/Aids virus.
Sir Richard has previously given money to educational charities in Africa.Sir Richard has previously given money to educational charities in Africa.