NEW YORK (

TheStreet

) -- Billionaire George Soros, the founder of hedge fund Soros Fund Management, plans to invest $1 billion in clean energy technology and donate $100 million to an environmental advisory group to aid policymakers,

Bloomberg

reports.

Soros announced the investment over the weekend at a meeting on climate change sponsored by Project Syndicate, an international association made up of 430 newspapers from 150 countries.

Soros, in a message e-mailed to

Bloomberg

, said he would want rather stringent criteria to be applied to the investments and that investments "should be profitable but should also actually make a contribution to solving the problem."

Soros, whose own wealth accounts for about $24 billion his New York-based firm oversees, didn't provide more details with respect to the type or scope of investments he might take, according to the news agency.

Soros also plans to establish the Climate Policy Initiative, a San Francisco-based organization, to which he will donate $10 million a year for 10 years,

Bloomberg

reports.

This article was written by a staff member of TheStreet.com.