Ananova:

British business mogul Richard Branson has pledged to invest about three billion dollars (£1.5 billion) over the next decade to combat global warming and promote alternative energy, saying that it was critical to protect the environment for the sake of future generations.

Branson, the billionaire behind the multi-platform Virgin brand, said the money would come from 100% of the profits generated by his transportation and airline sectors. It will then be invested in efforts to find renewable, sustainable energy sources in an effort to wean the world off oil and coal.

The so-called "rebel billionaire" - wearing a dress coat with no tie and denim pants - made the announcement in Manhattan on the second day of the Clinton Global Initiative, an annual conference of business, political and non-profit leaders hosted by former President Bill Clinton.

"Our generation has inherited an incredibly beautiful world from our parents and they from their parents," Branson told reporters, with Clinton at his side.

"We must not be the generation responsible for irreversibly damaging the environment. We must hand it over to our children in as near pristine a condition as we were lent it from our parents."

Clinton praised Branson, calling him one of the "most interesting," "creative" and "genuinely committed" people he had ever known.

Branson said he was inspired to contribute after a meeting with Al Gore, who served as Clinton's vice president and has been highly visible in raising awareness about global warming and environmental issues.

Branson's commitment assured that the Clinton Global Initiative conference would surpass its goal of matching last year's efforts.

About 50 current and former world leaders were expected to attend the summit, which is in its second year.