Billionaire George Soros, the founder of hedge fund Soros Fund Management LLC, said on Saturday during a meeting on climate change sponsored by Project Syndicate, that he would invest $1 billion in clean energy technology.
Project Syndicate is an association made up of 430 newspapers from 150 countries.
The Hungarian-born U.S. investor also announced he would form and fund a new Climate Policy Initiative with $10 million a year for 10 years.
“It will be part advisory service, part policy developer and part watchdog,” said Thomas Heller, who is heading the initiative. Heller is a professor at Stanford University Law School whose expertise is in energy law and regulation and environmental law.
“Global warming is a political problem,” Soros told a meeting of editors in the Danish capital. “I want to apply rather stringent criteria to the investments. They should be profitable but should also actually make a contribution to solving the problem.”
His remarks came a day after climate talks in Bangkok ended in deadlock over how much cash should be made available to poorer nations to help them cope with climate change and over the size of rich countries’ greenhouse gas emissions cuts.