Bill Gates, co-chair of the Bill & Melinda Gates Foundation, speaks during a discussion on innovation hosted by Reuters in Washington, U.S., April 18, 2016.

Microsoft co-founder and billionaire Bill Gates is heading a $1 billion venture fund that will invest in clean energy technology to combat climate change.

Some of the world s wealthiest business leaders are joining forces with Gates on the Breakthrough Energy Ventures fund, including Amazon founder and CEO Jeff Bezos, Virgin Group founder Richard Branson, LinkedIn co-founder Reid Hoffman and Alibaba executive chairman Jack Ma.

The combined net worth of the fund s directors is roughly $170 billion, according to Quartz.

I am honored to work along with these investors to build on the powerful foundation of public investment in basic research, Gates said in a statement on Sunday.

Our goal is to build companies that will help deliver the next generation of reliable, affordable, and emissions-free energy to the world.

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