The famous American business magnate and co-founder of Microsoft, Bill Gates, is expected to announce a multibillion-dollar clean energy fund. The announcement could be on Monday during the opening of the Paris climate summit.

It was told that the fund will be so far the largest such effort in history and will be used for research and development of new clean-energy technologies.

Several other billionaires and philanthropies will also make their contributions in the fund. People with knowledge of the plans said that it will also include commitments from the US and other participating nations to double their budget for clean energy research and development.

The people further mentioned that the fund that will have the backing by nations such as the United States, China, India and other countries aims to give a push to the two-week Paris climate talks.

Mr. Gates during the scheduled climate summit will join over 100 world leaders, including US President Barack Obama, in Paris on Monday to start the talks.

This pending announcement of the fund was first reported by ClimateWire, an online news organization. But so far no comment has be released by spokesman for the Bill and Melinda Gates Foundation.

If the Paris summit will be a success then it could encourage a fundamental shift from the use of oil, coal and gas, and will promote the use of renewable energy sources like solar power.

In addition, India has also emerged to be a major player in the Paris talks, and the announcement of fund by Mr. Gates will also help secure India’s support of a deal.