A group of scientists and economists have proposed a global research programme that can bring down the costs for green power generation and help countries to deal with climate change concerns over the next 10 years.
The Global Apollo Program (GAP) seeks an investment of $150bn, which is similar amount spent to put a man on the moon in the 1960s.
GAP proposes a co-ordinated global research and development effort that can drastically cut down cost of solar energy and wind power, in comparison to power generated from coal-fired stations.
The initiative will also try to find out about methods for energy storage and deployment of smart grid technologies, aiming at balanced demand and supply for power within 2025.
Proponents of the programme are inviting nations to invest an average of 0.02% of gross domestic product annually for financing the research.
As well as driving down the green energy costs, the project is also expected to help the countries in preventing global temperatures rising more than 2°C, which can help to avoid catastrophes.
Apollo plan report said: "Climate change threatens us with increased risk of drought, flood and tempest, leading to mass migration and conflict. These dangers can be limited if the rise in temperature is less than 2°C above the pre-industrial level."
Several countries including the US, Japan, Korea, Mexico, UAE, India and China have shown their interests in the project, which is likely to be launched in November this year.
The programme is backed by leading figures including former UK Government chief scientist David King, BP former CEO Lord Browne, Lord O’Donnell, Lord Nicholas Stern and former Climate Change Committee chairman Lord Turner.