Tom Steyer and Katie Hall, founder of Hall Capital Partners LLC, have launched a firm to invest in companies and organizations around the world working to curb carbon emissions, Bloomberg reports.

In partnership with other investors, innovators, and civic leaders, the firm, Galvanize Climate Solutions, will work to accelerate and scale necessary change to transition to a decarbonized society. According to the firm, current annual spending in energy-transition technologies is $800 billion a year, yet over the next thirty years, the world will need to invest about $4 trillion annually. A key initial focus for the firm will be companies focused on decarbonization.

Early backers of Galvanize Climate Solutions include billionaire Marc Benioff and Emerson Collective, an investment-philanthropy hybrid founded by Laurene Powell Jobs.