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Branson launches $25m climate bid

Richard Branson and Al Gore launched the climate initiative

Millions of pounds are on offer for the person who comes up with the best way of removing significant amounts of carbon dioxide from the atmosphere.

Virgin boss Sir Richard Branson launched the competition today in London alongside former US vice-president Al Gore.

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.

Existing options for carbon storage

"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.

Overseeing the innovations are James Hansen, head of the Nasa Institute for Space Studies, the inventor of Gaia theory James Lovelock, UK environmentalist Sir Crispin Tickell and Australian conservationist Tim Flannery.

They are looking for a method that will remove at least one billion tonnes of carbon per year from the atmosphere.

Carbon capture and storage is already a key area of research.

Scientists have been looking into removing the greenhouse gas from the atmosphere and storing it in oil and gas fields, injecting it deep into the ocean, or chemically transforming it into solids or liquids that are thermodynamically stable.

However, these methods have raised concerns, notably because of the possibility of leakage from the storage sites and fears that C02 dissolved in large quantities in the ocean might harm marine ecosystems.