Microsoft co-founder Bill Gates will be announcing a multi-billion-dollar clean energy fund on Monday at the opening of U.N climate change summit meeting. The Clean Tech initiative is intended to cut planet-warming emissions, and will majorly benefit the environment.
Gates will join Indian Prime Minister Narendra Modi, U.S. President Barack Obama and French President Francois Hollande to announce the initiative on the opening day of the two-week summit, according to an agenda released Friday.
The project would be a great help to India too, as it is the world's third largest greenhouse gas emitter.
The fund will also get contributions from other billionaires and philanthropists. It will also be supported by USA, Australia, Canada, France, India, Indonesia, Norway, Saudi Arabia and South Korea. These countries will also commit to doubling their clean energy technology research and development budgets by 2020 and private investors will boost their own investments in the sector.
In a personal blog post in July, the Microsoft founder had said that breakthrough technologies would be required to combat climate change and that the costs could be "beyond astronomical".