Philanthropist and businessman George Soros announced this week that he would be the next in a line of wealthy front-runners to fund initiatives in clean technology. Soros is the founder of hedge fund Soros Fund Management LLC, and has been known for making monetary contributions to other charitable efforts that effect the well-being of society, such as health care and eduction; now he’s shifting his focus to play a part in reducing the impact of climate change.
Soros will establish the Climate Policy Initiative, an organization that will work with the US, China, India, Brazil and Europe and ensure that public interests are represented as new issues that affect climate change are established. According to Thomas Holler, who will lead the initiative, “It will be part advisory service, part policy developer and part watchdog,” Soros’ major role in the Climate Policy Initiative will be through his contribution of $10 million for year for the next 10 years.
Soros has also pledged to invest $1 billion in clean energy technology, contributing to the estimated $1 trillion needed to keep the globe’s temperatures in check; ensuring that they don’t rise beyond 2 degrees Celsius per year as a result of global warming.
Image via: Flickr User Esthr with a Creative Commons License
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