Branson buys Earth insurance for future generations

By Stone Martindale Sep 22, 2006, 5:10 GMT

NEW YORK-  British business mogul Richard Branson has stunned President Bill Clinton and many millions by pledging to invest about $3 billion over the next decade to combat global warming and promote alternative energy.  The Global warming hand writing is on the wall, and Branson is one of several profile billionaires forking over massive sums of cash to the cause of mankind's betterment.

Branson, the perpetually smiling and adventurous billionaire behind the diverse Virgin brand, said the money would come from 100 percent of the profits generated by his transportation sectors -- trains and airline companies. It will be invested in efforts to find renewable, sustainable energy sources in an effort to change the world's dependence on middle east exports of fossil fuels oil and coal.

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

"Our generation has inherited an incredibly beautiful world from our parents and they from their parents," Branson said at a news conference, with Clinton at his side. "We must not be the generation responsible for irreversibly damaging the environment. We must hand it over to our children in as near pristine a condition as we were lent it from our parents."

Clinton praised Branson, calling him one of the "most interesting," "creative" and "genuinely committed" people he had ever known.

Branson said he was inspired to contribute after a meeting with Al Gore, who served as Clinton's vice president and has been highly visible in raising awareness about global warming and environmental issues. Gore was scheduled to speak Thursday afternoon.

Branson's commitment pushed the bar upwards on Clinton Global Initiative conference surpassing its initial goal of matching last year's efforts. By early Thursday afternoon, organizers said they had 114 commitments amounting to $5.7 billion. In 2005, the conference resulted in $2.5 billion in pledges.

About 50 current and former world leaders were expected to attend the summit, which is in its second year.

Afghan President Hamid Karzai joined Jordanian Queen Rania Al-Abdullah, and Archbishop Desmond Tutu for a panel discussion on managing diversity in a globalized world.

All stressed the importance of cultural exchange and education.  The conference brings together government, business and nonprofit sectors in an effort to spur action on poverty, health care, global warming and religious/ethnic conflict.