Brussels– The European Commission and Breakthrough Energy Ventures, an investment fund led by Microsoft Corporation co-founder Bill Gates, launched on Wednesday a joint project to foster innovation in the energy sector in order to tackle climate change.

The new investment fund, Breakthrough Energy Europe (BEE), is the brainchild of Gates and European Commissioner for Research, Science and Innovation Carlos Moedas, Efe news reported.

“With a capitalization of 100 million euros ($115 million), BEE will give a strong signal to markets and investors that the global transition to a modern clean economy is here to stay. With this initiative, the Commission takes action to continue leading in the fight against climate change and to deliver on the Paris Agreement,” the Commission said in a statement.

“As our planet increasingly faces the unpredictable consequences of climate change and resource depletion, urgent action is needed to adapt to a more sustainable model and modernize Europe’s economy and industry,” it added.

Maro? ?efcovic, Vice President of the Commission, presided the official Memorandum of Understanding for the BEE which both Gates and Moedas signed.

Gates praised the EU for leading the way for clean energy innovation and said the joint venture was bound to attract direct investment so scientists and entrepreneurs could pave the way in the fight against climate change.

Breakthrough Energy sets a goal to ensure basic standards of living are accessible to everyone on the planet without leaving a large carbon footprint in detriment of the environment. (IANS)