Al Gore is to become a partner of a US private equity firm with a history of supporting "green technology".
The ex vice-president and environmental activist is to join the board of Kleiner, Perkins, Caulfield and Byers.
He will lead investments in alternative energy sources and firms involved in areas such as recycling, alternative fuel and water purification.
Mr Gore was awarded the Nobel Peace Prize last month for his work as a climate change campaigner.
Mr Gore won an Oscar for his documentary An Inconvenient Truth which warned of the imminent and catastrophic danger to the planet of global warming.
Mr Gore is already heavily involved in supporting energy technology solutions through his investment fund Generation Investment Management (GIM).
We are resolved to help business and government leaders accelerate the development of sustainable solutions
GIM is forming an alliance with Kleiner to discover and fund businesses with the "greatest potential" to tackle the threat of climate change, the two firms said.
In his new role, Mr Gore will concentrate on supporting businesses focused on reducing carbon dioxide emissions.
"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," Mr Gore said.
Kleiner, which was set up in 1972, plans to devote about a third of its funding towards clean technology by 2009.
Mr Gore has been close to John Doerr, one of the leading figures at Kleiner, for many years.
Mr Doerr made his reputation by investing in some of the US' most successful tech companies including Amazon and Google.
Mr Gore is to donate his salary from Kleiner to the environmental foundation, the Alliance of Climate Protection, which he chairs.