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Sunday, October 11, 2009

Soros to invest $1bn in green technology

By Justin Baer in New York

Published: October 11 2009 12:27 | Last updated: October 11 2009 21:49

George Soros, the billionaire investor, philanthropist and political activist, has now trained his eye on a challenge that will draw on his expertise in all three arenas.

Mr Soros announced on Saturday plans to invest as much as $1bn in clean-energy technologies while forming a new climate-policy arm to combat global warming.
”Global warming is a political problem,” he said during a speech in Copenhagen. “The science is clear, what is less clear is whether world leaders will demonstrate the political will necessary to solve the problem. ”

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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.