Billionaire to Invest in Global Warming Fight

British business mogul Richard Branson pledged to invest about $3 billion over the next decade to combat global warming and promote alternative energy, saying that it was critical to protect the environment for future generations.

Branson, the billionaire behind the multi-platform Virgin brand, said all the profits generated by Virgin Group’s transportation sectors -- including train companies and five airlines -- will be invested in research and business efforts to develop and promote renewable, sustainable energy sources in an effort to wean the world off fossil fuels.

Branson made the announcement in New York on the second day of the Clinton Global Initiative, an annual conference of business, political and nonprofit leaders hosted by former President Clinton.