By the middle of this century, the world will use twice as much energy as we use today.

There’s good news in this: more energy means better lives and stronger economies.

But it also means the world needs a new energy supply—one that doesn’t contribute to climate change. Climate change is a serious threat, especially in the poorest parts of the world.

We need affordable and reliable energy that doesn’t emit greenhouse gas to power the future—and to get it, we need a different model for investing in good ideas and moving them from the lab to the market.

That is why today, I, along with an incredible group of people who care a lot about energy innovation, am announcing the launch of Breakthrough Energy Ventures (BEV), a fund that will invest more than $1 billion in scientific breakthroughs that have the potential to deliver cheap and reliable clean energy to the world.

It’s the next step in an effort that began last December, when we brought together private investors from around the globe who were passionate about solving this problem. We formed the Breakthrough Energy Coalition, a group of entrepreneurs, business leaders, and institutional investors committed to help bring promising new zero-emissions energy technologies to market.

The Coalition partnered with Mission Innovation, an initiative of more than 20 countries and the European Union to double their investment in clean energy research and development in the next five years...

Read more: A New Model for Investing in Energy Innovation | Bill Gates