Branson commits US$3 billion to fight global warming

British billionaire Richard Branson on Thursday committed to spending all the profits from his airline and rail businesses -- an estimated US$3 billion over the next 10 years -- on combating global warming.
The Virgin Group chairman, whose company also includes music and mobile phone ventures, has already created Virgin Fuels, which will invest US$400 million over three years in renewable energy initiatives as part of his pledge.
But profits from the Virgin Group’s transport businesses, which make up nearly half the company, will also be spent on separate investments in biofuel research, development, production and distribution, and projects to tackle emissions through a planned Environmental Trust.