Bill Gates to unveil multibillion dollar clean energy tech in Paris meeting

Bill Gates is expected to unveil a multibillion dollar clean energy tech Monday during the United Nations Climate Change Conference in Paris.

According to the New York Times, the fund is considered by many as the biggest effort for clean energy in history. The project will also get funding from other billionaires, philanthropists, the United States, and other nations involved in the development of clean energy.

Mashable reported that the Microsoft billionaire co-founder promised in June this year that he would invest $1 billion to clean energy in the next five years. His anticipated announcement during the Paris meeting on Monday is Gates keeping true to his word.

Besides Gates, the U.S. and India will also announce that they will double their budget on research and development for clean energy projects. The money from Gates will help these projects.

"For countries to lift themselves out of poverty, they need lights in schools so students can study when it's dark out," according to Gates in a report by Geek Wire. "Refrigerators in health clinics to keep vaccines cold. Pumps to irrigate farmland and provide clean water."

The Paris meeting could start a massive shift from oil, coal, and gas to using renewable energy source, like solar and wind power. However, the fundamental transition needs major innovations in technology and big investments on infrastructures from the private and public sector.

There are still no exact sources as to where these investments will come from, but that is what the Paris meeting will be tackling. The world's biggest fossil fuel polluter, India, has been pushing for commitments from developing nations for funding for renewable energy projects.

India is one of the major topics of the meet in Paris. Gates will help the country secure funding. Meanwhile, secretary of state, Hilary Clinton, promised that developed countries would give $100 billion every year to developing countries by 2020 to help them with the energy transition.