Taking its cue from the Orteig prize, the X Prize Foundation offers large cash prizes for breakthroughs in spaceflight and genomics, and plans to offer more in the fields of education, biology and entrepreneurship. Earlier this year it announced the Progressive Automotive X Prize, which will offer $10m to anyone who can design a marketable car (meaning safe, affordable, road-friendly) that gets 100 miles per gallon. More than 60 teams have entered so far.

This sort of environmental prize is just the beginning. The foundation is developing a whole series of prizes designed to catalyse clean, renewable and cost-effective energy. Combined the value of these prizes could reach as much as $100m. There is already talk of a $10m prize for an alternative jet-fuel.

Green.view | Win-win | Economist.com.