US President Barack Obama is setting a goal of raising $2 billion from the private sector for investments in clean energy.

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World Future Energy Summit 2027 (WFES 2027)

The Obama administration said it is launching a Clean Energy Investment Initiative as part of the government’s effort to address climate change. Its intention is to spur development of low carbon technologies and energy sources, such as solar panels, wind power, fuel cells and advanced batteries.

The Department of Energy will seek investments from philanthropists and investors concerned about climate change. The White House says groups like Wells Fargo, the University of California Board of Regents, and the William and Flora Hewlett Foundation are committing to scale up their investments in clean energy.

The White House will also host a Clean Energy Investment Summit this spring.