Billionaire financier George Soros has announced that he will invest $1 billion in clean-energy technology and donate $100 million over ten years to create an environmental advisory group, Bloomberg.com reports.
Soros, the founder and chairman of the Open Society Institute, made the announcement at a climate change meeting in Copenhagen over the weekend sponsored by Project Syndicate, an international newspaper association. While Soros provided no details about the type or scope of the investments he plans to make, he did say in a follow-up email with Bloomberg that there will be "stringent criteria" applied to them. "They should be profitable," he added, "but should also actually make a contribution to solving the problem."
At the meeting, Soros also pledged to invest $100 million over ten years to create the San Francisco-based Climate Policy Initiative. Part advisory service, part policy shop, part watchdog group, CPI will work to examine policies and programs designed to address climate change.
"The problem of global warming is primarily a political problem at this point," Soros said. "The science is beyond dispute, but how do we achieve the objectives we all know are necessary? This is a political problem."