Google commits to a greener world with new grants
Google is committed to devoting 1% of the company's equity, annual profits and employee time to philanthropic endeavours, the US firm said last week, when Google Inc.’s philanthropic arm announced it was making $26m in new grants and investments.
These will be in organisations and companies devoted to causes that the internet search pioneer believes will help make the world a better place.
The company gave details on 17th January of $25m (£12.7m, €17.1m) of investment in renewable energy and philanthropic projects under its Google.org arm, the unit that manages the company’s commitment to devote 1% of equity and 1% of profits to philanthropy.
By far the biggest beneficiary is eSolar, a California company that uses solar heat to generate electricity in utility-grade power plants. Google.org is investing $10m.
Other areas in which Google.org also is contributing are fighting health and environmental threats, improving public services and supporting small businesses.
These financial commitments are the largest made since the co-founders Larry Page and Sergey Brin launched the company’s philanthropic effort with $90m in 2005.