Branson's £1.6 billion Green Pledge
Yes, that's right: Sir Richard Branson, the Virgin boss has pledged all the future profits from his travel & transport businesses, Virgin Atlantic and Virgin Trains, toward renewable energy and investments.
All the profit from the next 10 years, around Â£1.6 billion pounds or $3 billion dollars, will be channeled into research for alternative fuels under the banner of Virgin Fuels, an investment unit set up as the Virgin Groups first venture into the green sector.
Cilion Inc, of Goshen, California receives the first investment into their ethanol production business, cleaner, greener & cheaper than the usual corn-to-ethanol plants which rely too much on fossil fuels in the production process.
Sir Richard is clear in his intention that people should be weaned off their dependance on coal & fossil fuels and strongly believes that business, especially those involved in transport should be at the forefront of developing environmentally-friendly strategies.
Virgin Fuels' promotion & investment in Cilion aims to set-up 7 ethanol production plants, producing some 440 million gallons a year, going some way toward contributing to Governor Schwarzenegger's aim for California to produce 20% of its own Bio-fuels by 2010.