"We need to be exploring many different paths-and that means we also need to invent new approaches", he said.
Additionally, Obama welcomed Modi’s initiatives to increase renewable energy deployment in India.
Brian Deese, a senior White House adviser on energy and climate issues, said the initiative "should help to send a strong signal that the world is committed to helping to try to mobilize the resources necessary to ensure that countries around the world can deploy clean energy solutions in cost-effective ways", reports The Wall Street Journal. Clean energy can make air conditioning, refrigerators, stoves and fertilizer more affordable for poor people.
The group of private investors, which includes Facebook CEO Mark Zuckerberg and Amazon chief Jeff Bezos, has not yet released how much it will be investing.
"Today, we’re announcing Mission Innovation", Obama stated on Monday.
Gates added that it could take up to ten-years to develop up to three breakthrough technologies, and an additional 20-years before the innovative technologies become commercially viable.
There is no fund raising goal for private investors in the Gates initiative. Its aim, according to the coalition’s Web site, is to cover gaps in government funding in nations where the most promising and scalable ideas from public research institutions could be commercialised.
The fund, which doesn’t have a set figure attached to it yet, will centre on electricity generation and storage, transportation, industrial use, agriculture and energy system efficiency. He says they want to bring big money back to California to further the state’s position as a leader in green technology.