Friday, September 22, 2006

Richard Branson announces $3 billion to fight global warming, develop clean fuels

Billionaire Richard Branson has announced that his Virgin brand is pledging $3 billion over the next ten years in the fight against global warming. Future proceeds from Virgin's trains and airline business will be earmarked for clean technology innovations.

Branson has pointed out the need for humans to move away from fossil fuels before. In a July 2006 interview with Business 2.0 magazine, Branson said that Virigin is working on clean fuels, investing $1 billion in the next four years. The fuel is expected to be used in cars, trucks, trains, and eventually aircraft. It won't be just an ethanol blend, either; Branson won't say what the fuel is made out of, only that it's "quite exciting."

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