Google is aggregating nearly $1 billion to create a charitable foundation.

The move fulfills a pledge Google made when it went public last year. Co-founders Larry Page and Sergey Brin vowed to create a company "that does good things for the world."

The result is Google.org, which has a goal of applying innovation and resources to the world's biggest problems.

"We hope that someday this institution will eclipse Google itself in overall world impact by ambitiously applying innovation and significant resources to the largest of the world's problems," Brin and Page say in a message on the site.

Google has finalized the formula for how the philanthropic project will work. In addition to an initial commitment of $918 million, Google will divert 1 percent of its annual profit to philanthropy.

Part of the effort is the Google Foundation, endowed with $90 million. Other money will go to what the founders call "socially progressive" companies.

The site says that it will post links when it is ready to take grant and employment requests.