Another $100 million doled out in $10 million increments annually over 10 years will fund the newly created Climate Policy Initiative, a foundation targeted at environmental policy.
Soros didn’t specify where the $1 billion would be spent other than saying “stringent conditions” would be used to evaluate potential investments.
And in an ironic twist, Soros, who made a sizeable chunk of his fortune through currency speculation, put his support behind carbon taxes, not cap-and-trade systems. His reason? Financial investors can too easily manipulate carbon markets.
Source: BusinessWeek
