The United Kingdom’s Prince William will dedicate $65 million in order to create a new environmental award, reported CNN. The move comes in an attempt to inspire solutions to some of the Earth’s most pressing challenges.

In an interview with CNN, Prince William said that he considers the prize to be “the most prestigious environmental global prize” till date and that his aim is to shift the debate from pessimism and negativity to optimism and hope.

He said, “There are wonderful people doing incredible things around the world, all within small communities everywhere. If one of them might have an amazing idea, we can scale that up, we can use that to really tackle some issues.”

Named the ‘Earthshot Prize’, it will be annually awarded from next year to five people, organizations or groups for solutions to the five “earthshot” objectives. The objectives are protecting and restoring nature, cleaning the air, reviving oceans, building a waste-free world or fixing the climate.

Therefore, the award hopes to have at least 50 solutions to problems within each of these five areas by 2030. Kensington Palace is aiming to make the prize one of the most prestigious global environmental awards in history. Each winner will receive £1 million ($1.3 million) which is slightly more than what a Nobel prize-winner receives.

William told CNN, “We want to change the conversation and show that we can provide solutions, we can tackle this, and in 10 years’ time, we can make our planet more sustainable and more prosperous and better for everyone.”

He added, “My grandfather started doing stuff with conservation a long time ago, WWF particularly. My father was ahead of his time talking about climate change. I don’t want to be ahead of my time because then we’re already too late — now is the time to act.”

William had come up with the idea for the awards during a visit to Namibia, Tanzania and Kenya two years ago. He has since taken advice from dozens of individuals and organizations, including The Nobel Institute, Greenpeace, World Economic Forum as well as Prince Charles, his father.

President John F. Kennedy’s “moonshot” effort to put a man on the moon inspired the term ‘Earthshot’. Nominations for the awards will start from November 1, 2020 and an annual global awards ceremony will be held in a different city each year, starting in London in autumn 2021.

Jason Knauf, who is the Chief Executive of The Royal Foundation, which will oversee the prize, said that the world was in a “make-or-break decade for the planet.”