Approval was provided for the fund by the Paris 2024 Executive Board at their latest meeting.

The fund was asserted to have been identified by Paris 2024 and its partners during the bid phase for the Games, with idea that it could act as a resource to aid projects.

The fund will gather donations from the partner companies of Paris 2024 who want to strengthen their commitment to the event.

Paris 2024 promise the fund will have its own governance structure, bringing members of their Executive Board together with partners.

They will have responsibility for the monitoring of the implementation of Paris 2024’s impact and legacy road map.

"What legacy will we leave for the 2024 generation?" Tony Estanguet, President of Paris 2024, said. 

"That is the question that guides our work every day.

"The creation of the endowment fund will allow us, along with our partner companies, to support and develop legacy-related initiatives so that Paris 2024 can have a specific impact felt beyond the organisation of the Games."

The fund is expected to be in operation throughout 2019, with work being conducted to determine how it will operate and the initial contribution that will be made.

Paris 2024’s partnership programme aims to cover around one third of the budget for organising the Olympic and Paralympic Games, 97 percent of which is earmarked to come from private sources.

They are reportedly expecting to receive €1 billion (£870 million/$1.1 billion) from sponsors, which would then see a portion invested in the endowment fund.

It is possible a tax exemption could be made on the donations, according to Agence France-Presse.

Estanguet also met with Niclas Svenningsen, manager of Global Climate Action at United Nations Framework Convention on Climate Change (UNFCCC).

They signed a Sport for Climate Action initiative, which fulfilled a pledge Paris 2024 made in December.

The agreement will see Paris 2024 commit to promoting best environmental practices, reducing the 2024 Games’ impact on the climate, implementing educational initiatives that focus on climate issues, promoting more sustainable and responsible consumer habits, and supporting climate action.

"We have made ambitious commitments since the very inception of Paris 2024, all with a view to making this unique project a lever for environmental transition," Estanguet said. 

"Today we are restating our goal in conjunction with the UNFCCC by signing the Sports for Climate Action initiative.

"In bringing everyone involved in Paris 2024 – athletes, partners, stakeholders, spectators, and service providers – on board, we can enhance the impact of our commitment to the planet.

"Sport has a big role to play."

Paris 2024 claim, that with 95 per cent of its facilities being temporary in nature or already in place, the Games will be the first to meet the Paris Agreement.

Organisers revealed they already working on a series of measures that will enable it to reduce its emissions, including using the Games as a testing ground for sustainable innovation.

This will see the use of low-carbon materials in permanent buildings and the use of recyclable materials in the construction of temporary structures.

Paris 2024 have also pledged they will seek to use short supply chains and reduce food waste.