Branson's statement

Worth about $20 million per word

Posted by Amanda Griscom Little (Guest Contributor) at 10:21 AM on 21 Sep 2006

Read more about: Richard Branson | Bill Clinton | climate | climate change mitigation

Eliciting gasps and goosebumps at a press conference this morning at the Clinton Global Initiative in midtown Manhattan, Richard Branson, CEO of the mega-conglomerate Virgin Group, announced a commitment to invest a staggering $3 billion toward solving climate change, focusing his investments on developing biofuels and other oil alternatives. The transcript of his public vow follows:

Our generation has inherited a very beautiful world from our parents and we must not be the generation responsible for irreversibly damaging it. We must hand it over in as near pristine a condition as we were leant it by our parents.

To achieve that we have to wean ourselves off a dependence on coal and fossil fuels. Our generation has the knowledge, has the financial resources, and as importantly the willpower to do so. We're very pleased to be making a commitment to invest 100 percent of all future proceeds to the Virgin Group from our transportation interests -- train and airline businesses -- into tackling global warming, for an estimated value of $3 billion over ten years. Hopefully this contribution will help in a small way our children experience our beautiful world and encourage others to also do what they can. I'd like to thank President Clinton for enabling me to make this commitment today.

To which Clinton replied, beaming: "Now that's a commitment! No matter how cynical you are that's serious money."

For story: Branson's statement
21 Comments | Post a Comment

Branson doubles US investment

I just noticed the Bush plan asks for $300 million for FY2007 - that's the same amount that Branson is committing per year for 10 years.

by Kif Scheuer at 10:33 AM on 21 Sep 2006

A pioneer of future civilization.

Not enough. We need a hundred times more, immediately.

Not enough.

by sunflower at 12:18 PM on 21 Sep 2006

x100

Agreed, sunflower. My very first thought was, "Nice, but we need something closer to a trillion dollars to get started." The latest warning from Lovelock and now the data coming from the UK over the isles' warming rate has got me thinking that our efforts should look like that of WWII. From victory gardens (take that, JDS!) to public and private works turned to creating a carbon neutral society, this should be a whole-nation endeavor. Take the money we piss down the hole in Iraq and pump hundreds of billions into modernizing developing nations, allowing them to leapfrog past fossil fuels straight into renewables. Educate, educate, educate.

Then again, we could just keep doing things the way we are. I don't think we're the same kind of people who won the second world war.

by PBrazelton at 12:24 PM on 21 Sep 2006

100% of proceeds!

Does that mean that by far the most ethical choice among travel options, will henceforth be to travel on a Virgin Group train or airplane, whenever that is possible?

Chickens deserve our true friendship! So do fish! So do other sentient beings! Let us learn to be kind.

by caniscandida at 12:27 PM on 21 Sep 2006

just business?

Does that mean that by far the most ethical choice among travel options, will henceforth be to travel on a Virgin Group train or airplane, whenever that is possible?

I'm sure that's what Branson is hoping people think. I wonder if the greater good would be for him to just shut down his airline and train operations. What's the net gain (or loss) in GHG emissions going to be between Vigin's transportation business and whatever indirect offsets are created from his investments in developing technologies?

Mike Z

by El Gato at 12:47 PM on 21 Sep 2006

yes!!

Make a billion dollar battery order and a billion dollar solar panel order to spur mass production now Mr Branson.

Donate the first batteries to NYCs taxi cab electric fleet. With much fanfare and a big party with the glamorous and famous. Your good at that! Great publicity for the new status symbol. Embracing mother earth.

http://amazngdrx.blogharbor.com/blog

by amazingdrx at 12:50 PM on 21 Sep 2006

Give the guy a break

I wonder if the greater good would be for him to just shut down his airline and train operations. What's the net gain (or loss) in GHG emissions going to be between Vigin's transportation business and whatever indirect offsets are created from his investments in developing technologies?

He pledges to donate $3 billion dollars, 100% of the profits from his transportation business, and all we can do is complain that it's not enough, and/or tell him to simply shut down his business.

People are going to travel regardless; they can either travel on Virgin, and know that their ticket price will be a portion of that $3 billion invested in sustainable alternative transportation, OR Branson can completely shut down his transportation operation, and people will travel on other airlines/train systems, which will simply continue to put money into the pockets of Big Oil.

by kmp at 1:09 PM on 21 Sep 2006

Good for Branson

I say good for him, this is a step in the right direction. If every corporation would step up to the plate in this manner maybe we could see some real changes.

by sixteenpaws at 2:47 PM on 21 Sep 2006

Bravo, Sir Richard!

Hey, it's $3 billion more than we had yesterday to slow global warming. It will take rich philanthropists (or opportunists), plus the states and cities taking action on climate change first, before the U.S. government will do much. And billionaires from island nations may feel the heat more, so to speak. (More in my blog, http://journals.aol.com/downtoearthblog/DowntoEarth/)

by downtoearth at 3:36 PM on 21 Sep 2006

For the most part...

I agree. I wish that more corporate leaders follow Richard Branson's lead on this. I've always believed that in order to tackle climate change, that corporations need to get on board in a big way - this is a step in the right direction.

However, I'm still curious as to what is the ecological footprint of Virgin's transportation operations. $3 billion over ten years will purchase a lot of carbon credits, but, from the sound of it, the funds are going into R&D where the benefits may be several years down the road. So, what's the net benefit of this going to be? I think this is a reasonable question to ask.

Mike Z

by El Gato at 3:50 PM on 21 Sep 2006
[ Parent ]

Fly Carbon Free

May I venture carbon-neutral ethanol aircraft fuel and electric trains?

by sunflower at 4:12 PM on 21 Sep 2006

Serve A Greeny

If we only had more greedy people making donations. Thanks Virgin. You're the biggest and the bestest. It's no surprise that your donation dominates the charts like a Justin Timerlake album.

by j at 5:01 PM on 21 Sep 2006

HOORAH HOORAH

Good job Richard!!! Not enough, perhaps. . .but it's all the man has to give. Who among us has given an equal portion of our income?

Yes, it's too little, too late and we're all fucked but I think it's great that we'll go down fighting!

by Tod at 7:32 PM on 21 Sep 2006

FT synfuel from coal for Branson's planes?

I hope Branson's 3 billion doesn't go to this effort.

Mr Branson if you want cleaner running aircraft support research into solid oxide high temperature fuel cells. They run on any liquid fuel, and by channeling the heated exhaust gases through a turbine, 75% efficiency can be attained.

That system would consume maybe 30% of the fuel that a typical aircraft turbine would consume for the same consumer miles flown. that's a huge reduction in greenhouse gas from aircraft.

This is a better place to put your dollars than synfuel from coal.

And support synfuel from waste and algae growing solar collector systems instead also. It actually recycles CO 2 emmisions from powerrplants or very efficient utility grid connected fuel cell/microturbines that can run on farm waste digestors, for instance..

http://amazngdrx.blogharbor.com/blog

by amazingdrx at 8:51 PM on 21 Sep 2006

so isn't this just another purchasing incentive?

Hey, I respect the guy for trying but in order for Virgin to donate this (estimated $3 billion), they have to make that much in profits. So we should travel on Virgin, even better, travel A LOT on Virgin so he can make this generous donation?

I guess this means he's opposed to a carbon tax.

by katwin24 at 1:38 AM on 22 Sep 2006

Branson

What I'm scared about is that he'll put 3 billion bucks into ploughing up half the rest of the rainforest on the planet for biofuel for his transportation businesses, and that all this is is a brilliant PR stunt to re-frame existing plans for the expansion of his companies as philanthropy.

But it might not be. Time will tell.

Perhaps George Monbiot will have to re-do his website? This went up a few days ago:

http://www.turnuptheheat.org/?page_id=15

Cheers

Whiskerfish

PS Is it just because I'm in Africa, or does there seem to have been a major shift in global warming consciousness in the last few weeks in the 'West'? Seems like there has been a sudden burst of high-profile speeches, letters, announcements etc. that have all got very good media mileage.

by Whiskerfish at 1:40 AM on 22 Sep 2006

don't understand ya'll

i will not for the life of me ever understand ya'll (yes im a lumper). the man just donated profits for 10 years and ya'll bitch about this and that. this is why environmentalism is dead you cannot and will not ever be able to persuade small midwest business owners or any mildly intelligent capitalist to work with you. im infuriated look at your comments.

He pledges to donate $3 billion dollars, 100% of the profits from his transportation business, and all we can do is complain that it's not enough, and/or tell him to simply shut down his business.

"People are going to travel regardless; they can either travel on Virgin, and know that their ticket price will be a portion of that $3 billion invested in sustainable alternative transportation, OR Branson can completely shut down his transportation operation, and people will travel on other airlines/train systems, which will simply continue to put money into the pockets of Big Oil."

the quote above is one with the ability to actually work towards a better forest, farm, park, wilderness earth.

The below is a quote from one without callouses on her/his hands. Yes New yorkers need battery powered taxis, for the publicity for godsakes...brilliant

"Make a billion dollar battery order and a billion dollar solar panel order to spur mass production now Mr Branson.
Donate the first batteries to NYCs taxi cab electric fleet. With much fanfare and a big party with the glamorous and famous. Your good at that! Great publicity for the new status symbol. Embracing mother earth."

Richard Branson laughed.

by Howard Roark at 6:40 AM on 22 Sep 2006

The pot calling the kettle black.

Goodwill is a line item on the balance sheet. Nothing wrong with making it look willfully good.

There are lots of dedicated scientists and innovators working full time (without adequate funding) to save our civilization from total destruction caused by run-away global warming. Sir Richard investing $3,000,000,000 in reducing the carbon footprint of profitable air travel will be very good for Virgin business, and smart. We need a hundred more Branson types investing in a carbon constrained future.

Feeding soy beans to jet engines does not float my boat. I would rather be sailing across the Atlantic. But that is just me.

by sunflower at 7:22 AM on 22 Sep 2006

Start ringing doorbells

cell phones, emails.

Here's the list.

It would seem we would have little luck with the oil tycoons, but I would start with casino mogul Sheldon Adelson.

Once again the biggest gainer is casino mogul Sheldon Adelson, with a net worth up $9 billion. Adelson's Las Vegas Sands stock is up 125 percent since its public offering in December 2004. He has made almost $1 million an hour since the 2004 Forbes 400 was published.

At $1 million an hour, I think he can afford to make Vegas "green."

by kmp at 7:34 AM on 22 Sep 2006

"one without callouses "

So I wear gloves when I do hard labor, sue me.

The next time I dig up a sewer cover and snake out a drain pipe you wanna help? Didn't think so.

http://amazngdrx.blogharbor.com/blog

by amazingdrx at 8:53 AM on 22 Sep 2006

hard labor or gainful employment

sure i'll bring my sewer snake $60.00 daily and charge myself out $37.00/hr.

you got gloves you do any necessary locating...i'll supervise $50.00/hr

now if you'll excuse me the rain allowed me an interesting day and it is time for a stag. im tired of cynics who can't get anything done, so i'll join them.

by Howard Roark at 1:08 PM on 22 Sep 2006
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