Prince William of Britain today launched a multi-million-pound global prize in a bid to solve some of the most critical environmental problems.

The Earthshot Prize will award five one-million-pound ($1.29-million) prizes every year for the next 10 years.  The prizes will be given under different categories including protecting and restoring nature, cleaner air, reviving oceans, waste-reduction and climate change.

Reuters quoted the Prince saying in an interview with BBC Radio as, "By 2030 we really hope to have made huge strides in fixing some of the biggest problems the Earth faces."

"I think that urgency with optimism really creates action. And so the Earthshot Prize is really about harnessing that optimism and that urgency to find solutions to some of the world's greatest environmental problems," he reportedly added.