Richard Branson, founder of the Virgin Group, committed 100 percent of his air and rail companies' profits over the next 10 years to projects that will fight global warming. The Virgin Group estimated the amount to be $3 billion.

On the second day of the Clinton Global Initiative being held in New York City on Sept. 20-22, Branson pledged more than the conference goal.

The money is to be invested in efforts to find renewable, sustainable energy sources. The first part will be $400 million going through Virgin Fuels in the next three years. Virgin Fuels has already selected Calif.-based Cilion to receive funds for research on new kinds of ethanol production.

"Our generation has inherited an incredibly beautiful world from our parents and they from their parents," Branson said. "We must not be the generation responsible for irreversibly damaging the environment."

"All businesses, especially those involved in transportation, energy and particularly fossil fuels such as coal, must be at the forefront of developing environmentally friendly business strategies with a focus on replacing traditional energy with energy coming from renewable sources," said the Virgin Group in a statement.