Isra-Mart srl: Richard Branson calls for greener tax regime

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Sir Richard Branson has called on world leaders to drive a green economic recovery, warning that without measures to drive greater investment in renewable energy the global economy is heading for "the mother of all recessions".

According to reports, Branson told the third annual Six Senses Slow Life Symposium at Soneva Fushi in the Maldives that politicians should undertake urgent reform of the tax system as a means of incentivising investment in clean technologies.

"If we don't have alternative fuels we are going to have the mother of all recessions," he said. "The way to kick-start the revolution is to have no tax on all clean energy while slowly increasing tax on dirty energy.

Branson has emerged as a leading campaigner for green businesses, setting up the Carbon War Room NGO to support new low carbon policies and technologies, warning against the threat presented by "peak oil", and consistently calling for more ambitious green measures.

However, he has also faced criticism from some green groups for his role as the boss of one of the world's largest airlines and his plans to launch carbon-intensive space tourism flights.

Branson defended his company's record, detailing how "we have been diverting our profit from airlines into developing fuel for aircraft that won't damage the environment".

He also called on campaigners not to succumb to negativity when faced by environmental challenges, and instead recognise the low carbon transition as the "biggest entrepreneurial opportunity of our lifetime".

The Maldives' Six Senses Slow Life Symposium is intended to highlight the island state's plans to become one of the world's first zero carbon economies, providing a test bed for cutting-edge clean technologies.