A number of business leaders have joined together to form the Breakthrough Energy Coalition, an investment fund aimed at promoting cleaner electricity generation in developing nations.
Among the luminaries who have declared their support are Bill Gates, Mark Zuckerberg, Jeff Bezos and Jack Ma, the founder of China’s Alibaba Group.
The announcement is timed to coincide with the meeting of world leaders at the COP21 climate change talks in Paris.
The group believes that technology has the potential to meet the world’s energy need without destabilising its climate, but only if enough of the right kind of finance is made available.
The coalition’s statement said: "The existing system of basic research, clean energy investment, regulatory frameworks and subsidies fails to sufficiently mobilise investment in truly transformative energy solutions for the future. We can’t wait for the system to change through normal cycles."
Gates has said the world is going to be using 50% more energy by mid-century than it does currently.
The UK government has recently cut renewable subsidies despite also claiming to be committed to combating climate change, a move that was criticised by UN scientists.
The coalition was announced alongside the Mission Innovation initiative, which was launched by world leaders in Paris.
Read more about the Breakthrough Energy Coalition here.
Image: Bill Gates via GatesNotes