Branson makes $3 billion climate pledge

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.

“We must rapidly wean ourselves off our dependence on coal and fossil fuels,” Sir Richard said.

The funds will be invested in schemes to develop new renewable energy technologies, through an investment unit called Virgin Fuels.

One of the UK’s best known entrepreneurs, Sir Richard made the announcement in New York on the second day of the Clinton Global Initiative, an annual conference hosted by former US President Bill Clinton.Sir Richard, 56, said that transport and energy companies “must be at the forefront of developing environmentally friendly business strategies”.

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