Prince William has his sights set on saving the planet in the coming decade — and he just launched a new multimillion dollar environmental initiative to get started.

The Duke of Cambridge, 37, announced on Tuesday his collaboration with a global alliance to launch The Earthshot Prize, an "ambitious set of challenges" aimed at helping to preserve the Earth in the next 10 years.

"Just as the moonshot that John F. Kennedy proposed in the 1960s catalysed new technology such as the MRI scanner and satellite dishes, we want our Earthshot challenges to create a new wave of ambition and innovation around finding ways to help save the planet," the organization states on its website.

MEGHAN MARKLE, PRINCE HARRY FILE TRADEMARK AFTER SPLIT FROM KATE MIDDLETON, PRINCE WILLIAM'S CHARITY: REPORT

Prince William's new endeavor comes after he and wife Kate Middleton teased an announcement on Monday in a reflective end-of-year social media post. On Tuesday morning, the announcement was posted on Kensington Palace's official Instagram, as well as a new account for Earthshot.

Earthshot said it was founded to "inspire a decade of action to repair the planet."

"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," the statement shared by Kensington Palace read.

QUEEN ELIZABETH II, CLOSE FAMILY CELEBRATE CHRISTMAS

The palace's statement continues: "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. And the next ten years present us with one of our greatest tests - decade of action to repair the earth."

Along with the social media message, the Duke of Cambridge shared a photo of himself taken by Middleton at a glacier in the Hindu Kush mountain range.

Prince William is dressed down in khaki pants, a blue shirt and sunglasses in the area situated between the Chitral District of Pakistan's Khyber-Pakhtunkwa Province.

The palace also shared a supplemental video about the initiative in an Instagram Story.

"Ours is a world of wonder. Every day it reminds us of its beauty but also warns us that we can no longer take life as we know it for granted," a narrator said.

"But humans have an extraordinary power to solve the greatest of challenges. The most audacious of them all? To land a man on the moon. The moonshot and along the way united the world. This year Prince Willia and a global alliance launch the most prestigious environment prize in history."

The Earthshot prize will award five winners each year for the coming decade, according to People.

CLICK HERE TO GET THE FOX NEWS APP

On Monday, Kensington Palace shared a video montage of the royal family's highlights of 2019.

"2019 in Review - To all the fantastic organisations and inspirational people we met and worked with in 2019: Thank you for a wonderful year, and see you in 2020!"