Green Harbor

Billionaire George Soros of New York City-based Soros Management LLC has announced his intent to invest $1 billion in clean energy as well as donating $100 million to an environmental advisory group.

Soros, who is a well-known philanthropist, is finally putting-a-foot-down when it comes to climate change. He said that the science beyond the issue is now beyond debate and that the only thing holding people back is politics.

But, Soros is not just giving this money away. Any clean energy company they invest in will have to be a profitable company that is actually providing a solution to the climate change issue. Also, the advisory group will be led by a Stanford University Law professor that will play the roles of a government watchdog, policy advisor, and corporate advisor.

Also, Soros stated that he is a supporter of a greenhouse gas tax instead of a cap-and-trade market or any other trade-able financial instrument claiming to reduce carbon emissions. Soros said that carbon trading schemes can be gamed and would only be used for profit by financial types. A tax, however, would not be open to gaming and thus actually help solve the problem.

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