Eric Worrall writes: Flamboyant British Billionaire Richard Branson, the man behind Virgin Galactic, the commercial space tourism venture, has been accused by greens of not fulfilling $3 billion of his green funding pledges.
According to The Guardian, a prominent Green UK daily newspaper;
“Richard Branson has failed to deliver on his much-vaunted pledge to spend $3bn (£1.8bn) over a decade to develop a low carbon fuel.
Seven years into the pledge, Branson has paid out only a small fraction of the promised money – well under $300m – according to a new book by the writer and activist, Naomi Klein.”
Branson responded that he has lost a lot of money on green investments;
“There is no question that Virgin is involved in a number of businesses that emit a lot of carbon, and that is one of the reasons why I have to work particularly hard … but, more importantly, to try to help other people balance their books as well. We have invested hundreds of millions in clean technology projects. We haven’t made hundreds of millions profit,”
I guess even green billionaires have to make a choice, eventually, between pursuing green investments, and being a billionaire. To be fair to Branson, he tried – the £300 million he spent and presumably lost is a significant sum.
Branson’s experience demonstrates that at the end of the day, only governments have the luxury of being able to sink vast sums into green money pits, without any serious possibility of a return on investment.