Prince William vowed to solve some of the 'greatest problems' facing the world as he launched an ambitious multi-million pound environmental prize today.

The Duke of Cambridge, 37, today announced the Earthshot Prize - an ambitious decade-long project which will see a total of 50 environmental pioneers awarded a cash prize for their work tackling major problems across climate and energy, nature and biodiversity, oceans, air pollution and fresh water.

The project, which will span the globe and seeks to produce 'at least 50 solutions by 2030', was launched with a video narrated by Sir David Attenborough that was shared on the @KensingtonRoyal Instagram page.

It is understood that as part of the prize millions of pounds will be given away each year, with five winners recognised each year for 10 years.

Asked about the funding, Kensington Palace told MailOnline that a ‘global coalition of philanthropists and organisation support the prize’, adding that more details would be provided later in 2020.

Prince William, 37, has vowed to 'repair the planet' with a new project 'The Earthshot Prize' in collaboration with Sir David Attenborough

As well as the film, the royals also released a previously unseen picture of the Duke of Cambridge in Pakistan which was taken by amateur photographer Kate Middleton, 37

Prince William launched the project on Kensington Royal Instagram earlier today, posting: 'Who is ready to lead as we make the 2020s a decade to repair our planet?'

The initiative is not being funded by the palace.

In addition to a significant financial award, winners will receive large-scale public recognition for their work that will aim to inspire business and government collaboration and scaling.

In a statement from Kensington Palace, Prince William revealed he had wanted to build on his father’s work on climate change and his grandfather’s work on conservation as well as his own work on Illegal Wildlife Trade.

The Duke is also said to be keen to include other family members in the project, and is said to be looking forward to involving as many of them as possible.

What is the Earthshot prize? The Earthshot prize will be awarded to 5 winners per year over 10 years. It is understood that millions of pounds will be given away each year to prize winners. The Prize could be awarded to a wide range of individuals, teams or collaborations – scientists, activists, economists, leaders, governments, banks, businesses, cities, and countries – anyone who is making a substantial development or outstanding contribution to solving these environmental challenges. In addition to a significant financial award, winners will receive large-scale public recognition for their work that will aim to inspire business and government collaboration and scaling. Challenges will be announced at special events around the world, with different cities each year hosting the award ceremony. The scheme aims to challenge problem-solvers to find solutions to some of the globe's biggest environmental problems. More details about the prize will be released in the New Year. Advertisement

It is possible this will include his brother and sister-in-law, the Duke and Duchess of Sussex, who are also passionate environmental campaigners.

Prince William said in a statement: 'The earth is at a tipping point and we face a stark choice: either we continue as we are and irreparably damage our planet or we remember our unique power as human beings and our continual ability to lead, innovate and problem-solve.

'Remember the awe inspiring civilisations that we have built, the life-saving technology we have created, the fact that we have put a man on the moon.

'People can achieve great things. The next ten years present us with one of our greatest tests - a decade of action to repair the Earth.'

Prince William is said to have been working on the project for over a year.

The Prize will encourage people to do more and to find new solutions that work on every level in order to have a positive effect on environmental change.

The royal hopes it will also improve living standards globally, particularly for communities who are most at risk from climate change.

Prizes are set to be awarded to problem solvers around the world, with different cities hosting the award ceremony every year.

The prize will aim to reward progress across all sectors of industry and society, not just technology.

The Duke of Cambridge has launched the project today with a film in collaboration with Sir David Attenborough as he vowed to save the planet

Prince William hopes to spark a global movement that encourages governments, businesses and communities to prioritise environmental issues.

The Prize could be awarded to a wide range of individuals, teams or collaborations – anyone who is making a substantial development or outstanding contribution to solving these environmental challenges.

The royal drew inspiration from the concept of Moonshots, which since the moon landing in 1969 has become shorthand for the most ambitious and ground-breaking goals.

The prize will be awarded to 5 winners per year over 10 years, and aims to provide at least 50 solutions to the world’s greatest problems by 2030

Sir David Attenborough was the first person outside of the royal family whom Prince William spoke to about the project.

Prince William's five key areas to 'repair the planet' With the Earthshot prize, Prince William hopes to focus attention on five of the biggest issues facing the planet. These include - Climate and energy,

Nature and biodiversity,

Oceans

Air pollution

Fresh water Advertisement

In a film to launch the project, Sir David pointed to the Moonshot as inspiration for the initiative.

He said: 'The spirit of the Moonshot can guide us today as we confront the serious challenges we face on earth.

'This year Prince William and a global alliance launch the most prestigious environment prize in history. The Earthshot Prize.

'A global prize designed to motivate and inspire a new generation of thinkers, leaders and dreamers to think differently.

'Visionaries rewarded over the next decade for responding to the great challenges of our time.'

Ahead of the announcement, royal fans were sent into a frenzy after the Duke and Duchess of Cambridge teased their 'first announcement of 2020'.

Kensington Palace tweeted yesterday: 'Stay tuned for our first announcement of 2020 very shortly,' alongside a globe emoji.

Their choice of symbol prompted speculation from their followers that Prince William and Kate could soon head off on a royal tour.

Fans also suggested that the Cambridge's next engagement could see them visit Africa after the continent was prominently featured on the globe.

Kensington Palace tweeted yesterday: 'Stay tuned for our first announcement of 2020 very shortly,' alongside a globe emoji

One person wrote: 'Given the globe symbol they used perhaps some international tours are coming in 2020?'

Another excited fan said: 'That world emoji... is that a hint of the subject of the announcement?'

'Huge tour? Oh, yes please,' a third royal enthusiast tweeted.

William and Kate's most recent tour together was a trip to Pakistan, where they spent five days in the country.

It followed the Duke and Duchess of Sussex's royal tour to Africa in October, with Prince Harry and Meghan Markle enjoying 10 days there alongside their son Archie.

Their choice of symbol prompted speculation from their followers that Prince William and Kate Middleton, both 37, could soon head off on a royal tour

Fans suggested that the Cambridge's next engagement could see them visit Africa after the continent was prominent on the globe

Other followers hoped that the announcement could be of a fourth child for the Cambridges

Elsewhere, other fans had hoped the announcement could be of a fourth child for the Cambridges, with the royal couple already sharing Prince George, Princess Charlotte and Prince Louis together.

Royal fans were quick to inundate the Kensington Palace tweet with comments, sharing their excitement for the upcoming news.

Guessing how long they'd have to wait to see the announcement, one person wrote: 'Like how literally are we supposed to take the word 'shortly'? Because admittedly I've been checking ALL night.'

Another fan asked: 'Do you think shortly means in the next hour or tomorrow? I'm quite excited,' while a third said: '"Of 2020", that seems like the announcement [will be] on January 1 at the earliest.'