Bill Gates is set to formally announce his plan to create a multibillion-dollar clean energy fund during the opening of the U.N. climate change summit in Paris Monday, according to The New York Times.

The summit will run from Nov. 30 to Dec. 11 and will be participated by more than 190 countries.

As part of the Clean Tech Initiative, Gates, together with developing and developed countries, as well as representatives from private investors, will pledge to double the efforts towards clean energy research and technology development.

France, the U.S., India, South Korea, Indonesia, Saudi Arabia, Australia, Canada and Norway have said that they will join the cause, NBC News reported.

With the help of the fund, countries will have better resources to find out how to decrease the cost of zero-carbon alternatives to fossil fuels.

"It's spectacular what public research and development has created in this country. You cannot name a single technology that hasn't had a huge boost from public funding. We're not going to be in it if we don't decide R&D is one of our core strengths," said Hal Harvey, chief executive of clean-energy consultancy Energy Innovation, according to Tech Times.

The 2015 Paris Climate Conference is held for the countries to discuss ways on how to reach international efforts to limit global warming to below 2° C.