October 29, 2009 | Read Time: 1 minute
The billionaire George Soros has pledged $100-million to support a new advocacy effort to push politicians to fight climate change, and in addition said he will invest $1-billion in clean-energy technology.
The latest move is part of a string of philanthropic gifts the Hungarian financier has made this year, which so far tally $240-million.
The new donation will establish the Climate Policy Initiative, in San Francisco, a think tank that will examine environmental policies worldwide and seek to advise governments as they negotiate new climate agreements. It will receive $10-million a year for 10 years.
Growing Trend
Mr. Soros, who is chairman of Soros Fund Management, a hedge fund in New York, expects his clean-technology investments to make money, but also contribute to finding new sources of energy that are more environmentally friendly than coal and oil.
The decision to couple his philanthropy with equity investments is part of a growing trend among wealthy donors. In 2006, for example, the British billionaire Richard Branson promised to invest $3-billion over 10 years to slow climate change by developing alternative energy sources.
While most donors are cutting back giving this year, Mr. Soros has stepped up his efforts. Besides the environmental gift, in 2009 he has pledged $100-million to assist Eastern Europe, $35-million to help students in New York buy school supplies, and $5-million to support antipoverty programs in Baltimore.
