New York: Billionaire George Soros, looking to address the political problem of climate change, said he will invest $1 billion (Rs4,650 crore) in clean energy technology and create an organization to advise policymakers on environmental issues.
Soros, the founder of hedge fund Soros Fund Management Llc, announced the investment in Copenhagen on Saturday at a meeting on climate change sponsored by Project Syndicate. The group is an international association made up of 430 newspapers from 150 countries.
“I want to apply rather stringent criteria to the investments,” said Soros in an emailed message. “They should be profitable but should also actually make a contribution to solving the problem.”
Soros, whose own wealth accounts for much of the approximately $24 billion his New York-based money-management firm oversees, didn’t provide any details in his speech on the type or scope of investments he might make.
Soros, 79, also will establish the climate policy initiative, a San Francisco-based organization to which he will donate $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.