As the US cuts back on climate spending under President Donald Trump’s administration, a group of private investors are pursuing a new model to back emissions-cutting technology.

Khosla Ventures, Breakthrough Energy Ventures and DCVC are among over a dozen venture capital firms and private equity funds announced on Wednesday that they have launched an initiative to help address the fundraising challenge of climate tech startups on the brink of commercialization. Known as the All Aboard Coalition, the new group is on course to close its initial fund of about $300 million by the end of October and aims to make its first investments this year.

The fund will be used alongside coalition members’ individual funds. The existing members manage more than $40 billion in assets. READ MORE