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#COP21: Group of world billionaires launch 'Mission Innovation'

A group of billionaires have announced a coalition to boost clean energy research & development.

FILE. Melinda and Bill Gates attend a session at the Congress Center during the World Economic Forum (WEF) annual meeting on 23 January, 2015. Picture: AFP.

PARIS A group of billionaires led by the world's richest man, has announced a multibillion-dollar coalition to boost clean energy research and development.

Some of the world's biggest carbon emitters, including the United States, China and India, have already committed to double government investment in clean energy research over the next five years.

On Monday night at the COP21 climate talks in Paris, philanthropist Bill Gates announced the formation of the breakthrough energy coalition.

It has promised to plough some $2 billion of personal investments into energy that doesn't produce carbon.

Gates, the founders of Facebook and Amazon, Africas richest man Aliko Dangote, business magnate George Soros, South African entrepreneur Patrice Motsepe and Richard Branson to name a few, are involved.

The list, which includes 28 of the worlds wealthiest investors, reads like a whos who edition of Forbes Magazine.

They call it Mission Innovation, a public/private partnership between governments, research institutions and investors that will direct personal investments and a new fund to be set up next year into seed funding for new technologies that could power the world.

Gates believes technology can save us and he may be right.

Initiatives like this one could provide the momentum needing to get past the sticking point of cash in these talks and seal a global deal.