The European Commission and Breakthrough Energy, a group led by Bill Gates dedicated to seeking climate change solutions, announced Oct. 17 the launch of a €100 million investment fund.

Under the memorandum of understanding, the newly established Breakthrough Energy Europe joint investment fund will help Europe to deliver on the commitments of the Paris Agreement on climate change. Breakthrough Energy Europe will link public funding with long-term risk capital so clean energy research and innovation can be brought to market faster and more efficiently, according to a news release.

Additionally, the U.K. government on Oct. 17 announced an agreement to invest £20 million in a venture capital fund called the Clean Growth Fund, alongside at least £20 million in funding from private investors. The fund's purpose is to leverage private sector funding to help nurture development of renewable technological innovations.