Clinton/Branson - $4 billion pledge for renewable energy

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rhoenix
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Clinton/Branson - $4 billion pledge for renewable energy

Post by rhoenix »

technocrat.net wrote:Airline (and soon to be space) mogul Branson and ex-President Clinton have launched seperate alternative energy investment funds for a total of four billion dollars.
So far, quite interesting. I'll quote the individual articles here:
BBC about Virgin Fuels wrote:Sir Richard Branson's widely-publicised decision to invest $3bn (£1.6bn) in renewable energy technologies is much more than green philanthropy.

According to some experts, the Virgin boss also is making a canny attempt to get in on the ground floor of a fast growing and innovative global industry.

Should he get it right, then the newly set up Virgin Fuels group could be an investment vehicle that would give Sir Richard's global business empire a prominent role in energy long after the 56-year-old millionaire had retired.

And it might also see him fulfil his mission to turn Virgin Fuels into a power giant in the same class as Shell or Exxon Mobil.

Renewables boom

Virgin Fuels' ambitions stretch across the entire power-generation sector.

The company talks of investing in more ventures like Californian firm Cilion, which plans to make bio-ethanol fuel from corn. Wave power and wind farms are on the agenda, so is nuclear power.


While oil and gas dominate that is a short-term perspective
Professor Tom James, energy analyst

Virgin Group director Will Whitehorn said that Virgin Fuels has been carefully positioned to bridge the gap between environmental rhetoric and commercial reality.

"I'm a believer in the science, not the polemics, of climate change," Mr Whitehorn explained, adding that his grandfather was an inventor and engineer.

Professor Tom James, an energy markets analyst at business advisors Deloitte, says the opportunities for Virgin Fuels are almost limitless.

"Virgin is putting itself in the right timeframe and getting in early because while oil and gas still dominate the energy sector that is a short-term perspective," Professor James said.

'Mom and Pop'

Virgin is not the only business to spot an investment opportunity.

"Venture capital companies that focus on renewable energy are popping up all over the place," says Deloitte's Professor James.

Global venture capital group 3i is very active in the renewable energy area and estimates that 180 venture capital deals worth $2bn were signed across the US, Europe and Israel in the first half of this year.

3i partner Marko Maschek said that the renewables sector, or cleantech, as it is known, is a magnet for investors.

"Sir Richard wants to make money in a field where returns are being made right now," Mr Maschek said.

Virgin's Mr Whitehorn knows that there are bargains to be had by buying into small companies with good ideas, and describes many US biofuel outfits as "very much Mom and Pop businesses".

And while Mr Whitehorn talks cryptically about a car he has been testing that runs on Virgin's own secret biofuel, the real secret to success in the renewable energy industry will be a long-term commitment and financing.

Do the maths

The money seems to be there, and the funding for Virgin Fuels will come from the profits of travel companies that Sir Richard controls himself.

Investment plans for companies like the Australian airline venture, Virgin Blue, will not be diminished by the green initiative, and future proceeds from share sales and asset sell-offs will also go to fund the energy business.

Critics point out that there are serious technical drawbacks to be overcome before an airliner full of paying passengers flies from London to New York on a tank full of biofuel.

But it would be foolish to under-estimate Sir Richard's interest in changing this situation.

After the fuel bill for his Virgin Atlantic airline grew by £300m over two years he spoke of wanting to build a new oil refinery to reduce world prices.

At that time, in late 2005, the fuel bill for both Virgin Atlantic and Virgin Express airlines was running £750m a year, Sir Richard said.

It seems there is a compelling commercial logic behind Sir Richard's drive for new fuels.
And the article about former President Clinton's fundraising, not to be outdone:
Washington Post wrote:NEW YORK -- A conference hosted by Bill Clinton on world problems ended Friday with the former president announcing a total of $7.3 billion in pledges to help reduce global warming and fight Third World poverty, disease and ethnic strife.

The three-day Clinton Global Initiative, which attracted world leaders, corporate titans and celebrities, produced at least 215 commitments of financial support to a range of projects supported by the Clinton Foundation. Last year's gathering produced 300 commitments worth $2.5 billion.


Former president Bill Clinton and comedian Chris Tucker smile at the 2nd annual Clinton Global Initiative conference Thursday, Sept. 21, 2006, in New York. The initiative was started by Clinton to act as forum where leaders from all over the world can discuss and develop solutions to global issues.

Yuan Juhua was sent to Bogota by the Chinese government as interest in Mandarin spiked after a 2004 visit to the region by Chinese President Hu Jintao. Trade between China and Latin America reached $50 billion last year, according to Chinese data. (Juan Forero -- The Washington Post)

A day after British business mogul Richard Branson pledged $3 billion to battle global warming, Clinton on Friday announced the launch of a $1 billion investment fund for renewable energy.

Clinton said the new Green Fund would focus on reducing pollution and dependence on fossil fuels and creating jobs.

"The Earth is warming at an alarming rate, we are running out of fossil fuels, and it is long past time for us to take action to correct these problems," Clinton said. "This is also a tremendous opportunity and there are countless good new jobs to be created in the field of green energy."

Clinton was joined onstage for the announcement by the fund's principal investors _ venture capitalist Vinod Khosla, supermarket magnate Ron Burkle, and Hollywood producer Steve Bing. The amount of each man's investment in the fund was not disclosed.

Former World Bank President James D. Wolfensohn will serve as the fund's managing director; Clinton will serve as a senior adviser.

Among the other pledges announced Friday were a $75 million gift from Merck to vaccinate infants in Nicaragua against rotavirus, an often deadly diarrheal infection.
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SeeingRed
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Post by SeeingRed »

Good for them; it's very heartening to see people like this taking environmental problems head-on instead of waiting for certain powerful western hemisphere governments to stop pretending that the problem isn't there. California governor Arnold Schwarzenegger's recent preliminary talks with UK Prime Minister Tony Blair on this subject were similarly encouraging.

Personally, I also think it's also nice to see people focusing on truly "green" and renewable sources of energy rather than nuclear power.
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Wyrm
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Post by Wyrm »

I like the "environmentalism whether you like it or not" 'tude refreshing, and when they succeed in building an industry, they'll make a killing. Fossil fuels (particularly oil) are not going to get any cheaper, you know.
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Molyneux
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Post by Molyneux »

And there are still people who wonder exactly why America loved Clinton even despite his infidelity... :P
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Count Dooku
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Post by Count Dooku »

Molyneux wrote:And there are still people who wonder exactly why America loved Clinton even despite his infidelity... :P
There are still American's that wonder why their fellow citizens loved him. LOL! Personally, I thought he was on the higher side of average. Bush, however, is on the bottom side of horrible.
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