DOERR OPENS TO GORE

US venture capital firm Kleiner Perkins Caufield & Byers has teamed with Al Gore's London-based public equities investment business, Generation Investment Management, to “find, fund and accelerate green business, technology and policy solutions with the greatest potential to help solve the current climate crisis”, according to a statement.

The two firms said they will collaborate on global opportunities in sectors including renewable energy technologies, sustainable agriculture and carbon markets. No information was disclosed regarding the partnership's possible financial arrangements or deal sizes to be pursued.

As a result of the venture, Gore joins Kleiner Perkins as a partner while Kleiner Perkins partner John Doerr, considered one of Silicon Valley's most powerful VCs, will join Generation's advisory board. Gore will donate his salary from the role to non-partisan charity the Alliance for Climate Protection. The Silicon Valley venture firm will locate its European operations at Generation's London offices.

“This alliance brings together world-class business talent to focus on solving the climate crisis,” Gore said in a statement. “Together, we have a working understanding of this urgent, multi-dimensional challenge and are resolved to help business and government leaders accelerate the development of sustainable solutions.”

Fellow Generation co-founder and managing partner David Blood, former chief executive of Goldman Sachs Asset Management, said: “There is a significant gap between the capital needed and the capital currently deployed to create enduring solutions to the climate crisis. To address this financing gap will require the efforts of many players, including entrepreneurial ventures, multinational businesses, governments, multilaterals and investors.”