Mission Innovation aims to provide affordable and reliable energy for everyone to ensure energy security while doing away with carbon emission.
As part of the initiative, the participating nations intend to double their respective investment for clean energy research and development (R&D) over five years.
The participating nations include Australia, Brazil, Canada, Chile, China, Denmark, France, Germany, India, Indonesia, Italy, Japan, Mexico, Norway, Saudi Arabia, South Korea, Sweden, UAE, the UK and the US.
White House officials were cited by the Press Trust of India as saying that the counties have pledged to invest about $20bn during the period.
Mission Innovation is complemented by a separate initiative, Breakthrough Energy Coalition, formed by over 28 private investors from 10 countries and led by Microsoft co-founder Bill Gates.
The Breakthrough Energy Coalition aims to invest in technology which would help solve the urgent energy and climate challenges.
The initiative will invest on a number of sectors including electricity generation and storage; transportation; industrial use; agriculture; and energy system efficiency.
The two initiatives have been announced at the COP21 in Paris, the United Nations Climate Change Conference.
Other investors include Reliance Industries, Laura and John Arnold Foundation, Amazon, Salesforce.com, Alwaleed Philanthropies, Virgin Group, Bridgewater Associates, SoftBank Group, Dangote Group, Alibaba Group, Sequoia Capital China, Tata Sons, Facebook, University of California, among others.
