Billionaire George Soros said on Saturday that he would invest $1 billion in clean energy technology as part of an effort to combat climate change.

The Hungarian-born U.S. investor also announced he would form and fund a new climate policy initiative with $10 million a year for 10 years.

“Global warming is a political problem,” Soros told a meeting of editors in the Danish capital where governments are scheduled to meet in December to try to hammer out a new global climate agreement to replace the 1997 Kyoto Protocol.

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