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It's day two of COP21, a historic climate change conference in Paris that has drawn representatives from 195 countries. While the leaders in attendance are grappling with a number of burning question, one among them stands out: Can clean energy technology be created fast enough to help reduce global temperatures?

See Also: COP21: Can Paris Save the Planet?

The International Energy Agency released a report that tracked the progress of clean energy technologies and the results are bleak. The report found that "our ability to deliver a future in which temperatures rise modestly is at risk of being jeopardized." 

"For the first time since the I.E.A. started monitoring clean energy progress, not one of the technology fields tracked is meeting its objectives,” the report later stated

Research and development for new sources of energy has lagged for years, but it appears that's about to change.

On Monday, tech and finance billionaires including Bill Gates, Mark Zuckerberg, Jeff Bezos, Jack Ma, Meg Whitman, George Soros, and Richard Branson announced that they would use part of their net worth to invest in high-risk clean energy companies.

“We need to pursue literally dozens and dozens of paths, each of them will have huge and tough problems," Bill Gates said Monday at COP21. "But if we back about 50 different breakthrough approaches, we know that several of those will give us the solution that we need.”

Though Gates' “Breakthrough Energy Coalition” hasn't announced how much they'll spend, the group has a collective net worth of $350 billion.

Jason Blumberg, chief executive and managing director at Energy Foundry, a venture capital firm focusing on new energy and clean technologies, explains how much money is needed to find clean, high tech energy.

What you'll learn from this segment:

• What has prevented energy-related innovation from being deployed more quickly.
• The challenge from translating ideas to the marketplace.
• How the private and public sectors can co-exist when it comes to clean energy.