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Branson pledges $3B to fight global warming
Billionaire mogul says 100 percent of future proceeds from certain divisions of Virgin Group will go toward tackling problem.
September 21 2006: 6:01 PM EDT


NEW YORK (CNNMoney.com) -- Famed British billionaire and Virgin Group chairman Richard Branson announced Thursday he would earmark an estimated $3 billion over the next 10 years toward fighting global warming.

Making his announcement at a news conference at the Clinton Global Initiative in New York, Branson said all future proceeds from Virgin Group's train and airline businesses would go toward tackling the problem

"We must not be the generation responsible for irreversibly damaging the environment," said Branson. "We must hand it over to our children in as near pristine condition as we were lent it from our parents." (Watch as Branson puts his money where his mouth is)

Branson, who has transformed Virgin from a fledgling record label he created in the 1970s into a worldwide brand and company that dabbles in everything from the airline business to cell phones to record stores, stressed the need for consumers to eliminate their addiction to coal and fossil fuels to achieve this goal.

"Our generation has the knowledge, it has the financial resources and as importantly it has the willpower to do so," he said.

Global warming, defined by the National Oceanic and Atmospheric Administration as an increase in atmospheric temperature near the Earth's surface, has been blamed on a increase in concentration of greenhouse gases by many scientists. Carbon dioxide, one of the most prominent greenhouse gases in the atmosphere, comes from the combustion of coal, oil and gas, according to the U.S. government agency.

Branson's $3 billion pledge became the highlight of the second day of the Clinton Global Initiative meeting, which brings together some of the world biggest leaders to discuss global problems.

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http://money.cnn.com/2006/09/21/news/newsmakers/branson2/?postversion=2006092113