(Reuters) - Britains Prince William this week launched a multi-million-pound prize to encourage the worlds greatest problem-solvers to find answers to Earths biggest environmental problems, saying the planet was now at a tipping point.

The Earthshot Prize, described in its publicity as the most prestigious environmental prize in history, will be awarded to five winners a year over the next decade with the aim of producing at least 50 solutions to the worlds most pressing challenges.

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, William, 37, said in a statement.

Remember the awe-inspiring civilizations that we have built, the life-saving technology we have created, the fact that we have put a man on the moon, he added. People can achieve great things. The next 10 years present us with one of our greatest tests - a decade of action to repair the Earth.