Bill Gates, the co-founder of the largest technology company Microsoft, and known widely for his work in philanthropy is ready to bet his $2 billon dollars of his money to accelerate research on the clean energy to battle the climate change.

On opening day of the U.N. climate change summit in Paris, Gates and a group of developing and developed countries will launch the Clean Tech Initiative. The countries will join hands to double their clean energy technology research and development budgets by 2020 and private investors will boost their own investments in the sector. It will include contributions from other billionaires and philanthropies.

Reuters reports that, Gates will join Indian Prime Minister Narendra Modi, U.S. President Barack Obama and French President Francois Hollande to announce the initiative on the opening day of the two-week summit, according to an agenda released Friday.

Bill gates believe that we can expect rapid advancements fueled by fast paced research when we decide to fund it.  The "war on cancer" was such a project where rapid progress occurred when there was enough fund.

 Access to clean energy technology will play a key role in a global agreement to combat climate change. If successful, the Paris meeting could spur a fundamental shift away from the use of oil, coal and gas to the use of renewable energy sources such as wind and solar power.

According to The New York Times, Mr. Gates wrote in a blog, post in July: "If we create the right environment for innovation, we can accelerate the pace of progress, develop and deploy new solutions, and eventually provide everyone with reliable, affordable energy that is carbon free. We can avoid the worst climate-change scenarios while also lifting people out of poverty, growing food more efficiently and saving lives by reducing pollution."

BGR states that, "When people viewed cancer as a problem, the U.S. government - and it's a huge favor to the world - declared a war on cancer, and now we fund all health research at about $30 billion a year, of which about $5 billion goes to cancer," Gates said.

"I don't think that's very likely, but nobody has a predictor function of innovation-which is weird, because the whole modern economy and our lifestyles are an accumulation of innovations. So I want to tilt the odds in our favor by driving innovation at an unnaturally high pace, or more than its current business-as-usual course."

Bill Gates is confident about his bet on $2billion funding to accelerate research on clean energy to battle climate change with his. Others leaders are also in support of this global effort to fight global warming.