Soros pledges money for clean energy and new Climate Policy Initiative

Financier and philanthropist George Soros has pledged to invest more than $1 billion (£625 million) in clean energy technology to tackle climate change. Speaking in Copenhagen last weekend, Soros also announced the foundation of the Climate Policy Initiative, which he will fund with $10 million annually for the next decade and which will be formally launched in Berlin next month. ‘There is no magic bullet for climate change, but there is a lethal bullet: coal.’

Soros, who already holds limited investments in clean coal technology ventures, explained he would apply ‘stringent conditions’ to the disbursement of the $1 billion. ‘I will look for profitable opportunities, but I will also insist that the investments make a real contribution to solving the problem of climate change.’

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