British billionaire Richard Branson has committed himself to spending all the profits from his airline and rail businesses - an estimated $3 billion over the next 10 years - on combating global warming.
The Virgin Group chairman, whose company also includes music and mobile phone ventures, has already created Virgin Fuels, which will invest $400 million over three years in renewable energy initiatives as part of his pledge.
But profits from the Virgin Group's transport businesses, which make up nearly half the company, will also be spent on separate investments in biofuel research, development, production and distribution, and projects to tackle emissions through a planned Environmental Trust.
"We have to wean ourselves off our dependence on coal and fossil fuels. Our generation has the knowledge, it has the financial resources and, as importantly, it has the will power to do so," the flamboyant 56-year-old entrepreneur said.
Sir Richard, who has a knighthood and is known as much for his daredevil stunts as his business, unveiled his plan at a news conference at the Clinton Global Initiative, a summit run by former US President Bill Clinton to combat world problems.
The second annual New York-based initiative, which ended yesterday, has brought together some of the world's richest and most influential people to brainstorm and commit money to fight world problems.
By Thursday night the total value of commitments made was more than $5.7 billion, surpassing last year's total of more than $2.5 billion.
"Richard's commitment is groundbreaking not only because of the price tag - which is phenomenal - but also because of the statement that he is making: clean energy is good for the world and it's good for business," Mr Clinton said.
The pledge comes one day after the Bush administration said it was committing $3 billion to climate technology research and development. Climate experts and members of Congress criticised the administration's plan as long-delayed and inadequate.
Sir Richard said he used to be skeptical about climate change, but reading a lot of books on the issue changed his mind.
His decision to commit billions of dollars to the cause came after former US vice president and long-time environmentalist Al Gore visited him in England a year ago.