“This is the decisive decade, and we must act with full speed, and scale,” John and Ann Doerr said in a statement.

Stanford University will launch a new school focusing on climate change thanks to a $1.1 billion gift from billionaire venture capitalist John Doerr and his wife, Ann, the university announced Tuesday, AP reports.

The gift, one of the largest single donations to an American institute of higher education, will open the Stanford Doerr School of Sustainability this fall. The school combines several existing Stanford departments and institutes and will hire dozens of new faculty members over a decade, as well as establish an accelerator to provide grants for new projects.

“We have designed a school for the future combining knowledge generation and impact, building on the strong foundation established through Stanford’s history of scholarship,” said Stanford President Marc Tessier-Lavigne, in a statement.

Stanford engaged in a years long process to define a vision for a new school focused on climate change. The Doerrs connected with Stanford after learning about the new school, university spokesperson Mara Vandlik said in an email.

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