A new green venture fund has been created by Breakthrough Energy Coalition (BEC) called Breakthrough Energy Ventures (BEV). The $1 billion investor-led fund will finance emerging energy technologies with the goal of reducing global greenhouse gas emissions to near-zero. The announcement was made earlier this month during the climate talks.

“It is extremely exciting for us to launch this fund as the next step in the commitment made by the Breakthrough Energy Coalition last year,” said BEV Chairman Bill Gates. “I am honored to work along with these investors to build on the powerful foundation of public investment in basic research. Our goal is to build companies that will help deliver the next generation of reliable, affordable, and emissions-free energy to the world.”

Breakthrough Energy Ventures will be a collaborative effort between academia, public-private sector and governments. These entities will bring to the table an investor-led fund comprising scientific expertise. The fund, with no ties to any specific energy sources, will also attract the best scientists, entrepreneurs, and private sector experts to guide the fund’s trajectory.

In addition to the announcement of Breakthrough Energy Ventures, the BEC also shared its “Landscape of Innovation.” This plan outlines the technologies that public and private investors might support in order to reach the goal of near-zero carbon emissions. The plan will also serve as tool for BEV to guide its investments.