A panel of judges will oversee the prize, including James Lovelock and Nasa scientist James Hansen. Sir Richard said humankind must realise the scale of the crisis it faced.
"The Earth cannot wait 60 years," he said at the news conference. "I want a future for my children and my children's children. The clock is ticking."
He said if the planet was to survive, it was vital to find a way of getting rid of the greenhouse gas carbon dioxide.
He said he believed offering the $25m (£12.5m) Earth Challenge Prize was the best way of finding a solution.
Posted on 11th February 2007
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