NEW YORK (CNNMoney.com) -- Famed British billionaire and Virgin Group chairman Richard Branson announced Thursday he would earmark an estimated $3 billion over the next 10 years toward fighting global warming.
Making his announcement at a news conference at the Clinton Global Initiative in New York, Branson said all future proceeds from Virgin Group's train and airline businesses would go toward tackling the problem.
"We must not be the generation responsible for irreversibly damaging the environment," said Branson. "We must hand it over to our children in as near pristine condition as we were lent it from our parents."
"Our generation has the knowledge, it has the financial resources and as importantly it has the willpower to do so," he said.
Global warming, defined by the National Oceanic and Atmospheric Administration as an increase in atmospheric temperature near the Earth's surface, has been blamed on a increase in concentration of greenhouse gases by many scientists. Carbon dioxide, one of the most prominent greenhouse gases in the atmosphere, comes from the combustion of coal, oil, and gas, according to the U.S. government agency.
Branson's $3 billion pledge became the highlight of the second day of the Clinton Global Initiative meeting, which brings together some of the world biggest leaders to discuss global problems.
The staggering financial commitment by Branson and the Virgin Group does not come as a complete surprise. In an interview conducted in July with Business 2.0, Branson emphasized the need to take action against global warming.
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