At a press conference today with Former President Bill Clinton Richard Branson today committed to dedicating ALL future proceeds from Virgin’s transportation companies – airlines, trains, etc. – to bio-fuel initiatives aimed at reducing the use of fossil fuels and fighting global warming. He estimates this will bring approx. $3 billion dollars to the global warming fight. The company is working to develop jet fuels that are environmentally friendly, enzymes to break down prairie grasses into ethanol, and other efforts.
Pres. Clinton called this “serious money.”
Mr. Branson said this is because of his admiration for the work of President Clinton and his Clinton Global Initiative process. He said that Al Gore came to his house to ask him to take a leading role in the global warming fight, which led to this announcement.
“We just don’t have any time left,” said President Clinton. We are running out of oil, and climate change is beginning to threaten civilization. “It is a serious problem likely to produce calamitous results.”
Mr. Branson said the shortages are showing up now, that his company’s costs for jet fuel is up over a billion dollars in the last three years.