Financier Soros to invest $1 billion in clean tech

Can a $1 billion help save the environment? George Soros hopes so.

The billionaire financier and philanthropist plans to invest part of his wealth on clean tech to fight global warming. In a speech at the Project Syndicate editors' forum in Copenhagen, Denmark, on Saturday, Soros gave the keynote address announcing his new plans.

Soros said he will invest $1 billion in clean-energy technologies and will provide $100 million--$10 million each year for the next 10 years--for the new Climate Policy Initiative, a watchdog-type foundation to promote measures to combat climate change.

"Global warming is a political problem," Soros announced to the meeting of editors in Copenhagen, the same city where representatives from around the world will meet in December to try to hammer out a new climate agreement. "The science is beyond dispute," he added, "but how do we achieve the objectives we all know are necessary? That is a political problem."

The need for cleaner coal has been a critical issue for Soros, who has invested in so-called "clean coal" technologies. In April, he was part of a consortium that funded $50 million toward PowerSpan, a firm researching and developing methods for cleaner coal.

On another front, Soros announced last year that his investment fund would pour $25 million in funds toward Qteros, a company that can make cleaner ethanol from a single microbe.

Soros offered few details on where he plans to invest the $1 billion. But he said he will look for profitable opportunities, and also "insist that the investments make a real contribution to solving the problem of climate change."

Clean energy has been a key issue for Soros. The billionaire has given speeches and interviews promoting development of alternative energy as not just a necessary goal but one that could revive the global economy.

Of course, clean energy has become an increasingly popular sector all around. A recent report on venture capital funding found that more money is being invested in green tech than in software or biotech.

Born in Budapest in 1930, Soros survived both the Nazi and Communist occupations of Hungary. After fleeing to England where he studied economics, he eventually settled in the United States. Soros amassed his huge fortune as the chairman of Soros Fund Management. He was recently ranked by Forbes as the 15th richest American, with an estimated net worth of $13 billion.

[ikramerica--2008]

He is one of the most dangerous men in the world. Now that he has paid to have his people put into office in the USA, he is going to profit mightily from it, just as he has done in other nations around the world, just as he did by playing with the US dollar earlier this decade while cashing in on dollar options.

It would be nice if the author at least MENTIONED the controversy surrounding this man, rather than painting him as a hero...

[mariamante]

Oh come on my wise friend.

Do you really think the crochety billionaire who can break national banks, destroy economies, destroy or position American presidents, and have almost every American politician in his pocket in terms of political donations, can't accomplish a little positive P.R. for himself.

This is the real Soros.

http://patdollard.com/2009/10/george-soros-republic-enemy-1/

This is how he corrupts politicians both left and right.

http://www.americanthinker.com/2009/10/what_soros_wanted_obama_delive.html

It's all about the Benjamins baby.

[ecotopian--2008]

Too bad Soros is promoting the oxymoron known as "Clean Coal." Clean Energy could use some intelligent investment.

[kgsbca]

I know how to make coal really clean - leave it in the ground.

[iptofar]

Of course he is, the dems are about to subsidize all the green tech no matter how bad it is so it will be impossible for him not to make money (off the taxpayer).

If it were really green, it would pay for itself.

[sbwinn]

He also recently purchased a large stake in a Brazilian company that is drilling for oil in the Gulf. He will do everything in his power to prevent the US from tapping oil resources and on the other hand he will back foreign companies trying to exploit those same resources. Who profits? George! And he will keep investing those profits in further weakening the US economy.

[Spartan_458]

I hate all this BS coming from the Church of Global Warming about how there is no dispute that there is global warming, and that scientific study backs it up. It's just simply not true.

[commenterer]

As a vast majority of scientists from all the world conclude that we are seriously affecting our climate; specifically how is this BS, can you explain your conspiracy theory. Remember all of these Scientists; our best and brightest, well trained experts have their findings peer reviewed in scientific Journals, so make your case well, unless you just think something is fishy which is fine that's your prerogative, but don't just say those who have trained for years with the most rigorous methods, and a broad well formed expert knowledge base on these subjects are wrong and your just going to pass on some half baked personal musings and try to pass them of on the internet to refute the immense investigative work of tens of thousands of true experts.
Lay it down Spartan_458 illuminate us with your findings.

[VoiceOfLogic]

You know what? F-CK Soros. And everyone who surrounds and supports him. Ask him where Obama's birth certificate is...... hmmm... I suppose its where the health care "BILL" is - VAPORLAND.

I REALLY can not wait until the rest of America wakes up and when this happens these people will finally understand what the founding fathers couldnt stand about THEIR tyrannical government.

Finally, when Obama destroys the Dollar and inflation rises to over 10%, even that schmuck Soros will realize the damage he has done. However, I'll laugh in his face as he's reduced from a billionaire to NOTHING - overnight.

[baconstang]

A real collection of lame posts, appropriately topped off by a 'birther'.

[ecotopian--2008]

I wonder what it's like to be so deluded & misinformed that you truly believe that Global Warming is not scientific fact by overwhelming consensus, and that it is Obama, not Bush who destroyed the economy. It must be a lot like believing the earth is 6000 years old and was created by a white bearded man in the sky. You people aren't going to get far in the 21st century.