(Reuters) – Al Gore, a former Vice President of the United States and David Blood are creating a new asset management system to manage global net zero carbon emissions. This is in response to increasing international pressures to reduce climate change and reach carbon neutrality.

Just Climate will launch on Wednesday and will invest in solutions to reduce global temperatures to 1.5 degrees Celsius.

Blood explained that Just Climate was established to address the difficult-to-decarbonise sectors of the global economic system. Investors have been ignoring them until now.

Blood founded Generation Investment Management (sustainable asset manager) with Gore. According to the press release which did not provide financial details, Blood will team up with Microsoft (NASDAQ) Climate Innovation Fund, Goldman Sachs (NYSE) Asset Management, and Harvard Management Co for Just Climate.

The announcement comes just ahead of the COP26 international climate conference which begins in Glasgow, Scotland, on Oct. 31. The conference will encourage countries to make more bold commitments to keep global temperature increases below 2 degrees Celsius by the end of the century in accordance with the 2015 Paris Accord.

Just Climate also plans to assist institutional investors in providing sufficient capital to address the climate finance gap. This is estimated to amount to $3 trillion annually through 2050, according to the UN release. The goal of Just Climate is to provide enough capital for institutions to meet the target of net zero.

A United Nations report released earlier this week also stated that global government plans to reduce emissions over the next few years are inadequate to prevent catastrophic climate change. Without more ambitious commitments from governments, the temperature could rise to 2.7 degrees Celsius above preindustrial levels by 2050.