Microsoft’s co-founder Bill Gates, Amazon’s CEO Jeff Bezos, Facebook’s Mark Zuckerman and other high profile tech execs are investing $1 billion in a Breakthrough Energy Ventures (BEV) fund launched Monday.

The fund will finance emerging energy breakthroughs with the goalo of reducing greenhouse gas emissions to near zero.

It is the next step in the commitment made by the Breakthrough Energy Coalitionlast year, Gates, chaiar of the fund said in a statement.

BEV will collaboratre with other investors, governments, research institutions, and corporate partners.

In a press release, BEV said its global network of investors will allow it to attract the best scientists, entrepreneurs, and private sector experts to guide its trajectory.

It is not confined to any segment of the investment pipeline, it noted, and will build companies, engage in traditional venture investment and be able to invest in growth as innovations mature.

Jack Ma, executive chair of the Alibaba Group, also an investor, said in a statement that, “When it comes to energy, people say you cannot make money, meet demand, and also benefit the environment. But we can, and we will. This effort will combine technological innovation and scientific knowledge with the investment expertise needed to transform energy markets.”