In June 2015, Microsoft co-founder and philantrophist Bill Gates announced he would invest $1 billion in clean energy tech over the next five years.
Now, according to a report by ClimateWire, Gates is making good on that promise by launching a multibillion dollar fund focused on clean energy research and development.
The fund, reportedly scheduled to be unveiled Monday in Paris, during the United Nations Climate Change Conference, will be funded by Gates and other billionaires to a multibillion tune, though exact figures are unknown at this point.
Also on Monday, a group of countries including the U.S. and India are expected to reveal they will double their research and development budgets for clean energy, as well as form a coalition for joint efforts in the future. The money from Gates' new fund will be used to help the new coalition's projects.
One of the ClimateWire sources called this "the single biggest cooperative research and development partnership in history."
The two-week conference in Paris starts Nov. 30, with more than 160 nations sending their delegations. The UN Secretary-General Ban Ki-moon said in November he expects the governments to "conclude a meaningful, binding agreement in Paris."
In a July blog post, Gates explained why he plans to significantly ramp up his investment in clean energy. "I am doing it because I believe that the next half-decade will bring many breakthroughs that will help solve climate change," he wrote. "We can create a zero-carbon future too, if we commit to it."
And in an interview with The Atlantic this month, Gates pledged to commit $2 billion into helping governments combat climate change.
Gates' investments in clean energy so far include battery and solar tech, as well as TerraPower, a company that aims to create sustainable nuclear energy tech.