British billionaire Richard Branson has committed to spend all profits from his airline and rail businesses, an estimated us $3 billion over the next 10 years, on combating global warming.
The Virgin Group chairperson, whose companies also include music and mobile phone ventures, made the announcement at a meeting of the Clinton Global Initiative in New York on September 21. The world is facing a "catastrophe" from global warming brought on by human emission of greenhouse gases, Branson said. He urged the airlines around the world to play their part in reducing commercial planes' carbon dioxide emissions by up to one-quarter.
Earlier, on September 10, Branson's company announced the launch of a subsidiary company, Virgin Fuels, which will invest us $400 million in renewable energy initiatives over the next three years. Recently, Branson also unveiled a prototype design of the first spacecraft to be used by the Virgin Galactic space tourism service.