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Soros Urges Practical Action to Limit Damage of Climate Change

Sept. 20 (Bloomberg) -- Billionaire investor George Soros said debate about tackling global warming is being overtaken by damage occurring from climate change and practical action is needed.

“The gap between what needs to be done and what’s actually happening is getting wider,” Soros, founder of Soros Fund Management LLC that oversees about $25 billion in assets, said today at a New York panel discussion on climate change.

Soros, 80, has said he will invest $1 billion in clean-energy technology and donate $100 million to an environmental policy group to aid new regulations. Soros said he was motivated after observing international climate-treaty negotiations deadlock last year in Copenhagen.

The talks didn’t accomplish anything “except to keep the negotiations open,” Soros said. The meetings for a new global treaty to reduce greenhouse-gas pollution take place “far removed from reality,” he said.

Soros said he is working to slow deforestation and remove carbon dioxide, a main greenhouse gas, from coal. Soros spoke at an opening ceremony of Climate Week, a series of events focused on global warming. Sponsors include Zurich-based Swiss Reinsurance Co., the world’s second-biggest reinsurer.

To contact the reporter on this story: Kim Chipman in New York at kchipman@bloomberg.net

To contact the editor responsible for this story: Larry Liebert at lliebert@bloomberg.net.

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