Dubai, Sep 16 (IANS/WAM): The United Arab Emritates Thursday announced establishment of a prize with a cash award of 1 million Arab Emirates dirhams ($ 272,000) for measures to save the environment.

The prize aims to stimulate environmentally conscious initiatives among the larger community including corporates, government institutions and individuals.

Designed to promote the values of sustainable development and innovation among the local community, the prize aims to recognise outstanding efforts in the field of energy and environmental conservation across all spectrums of society.

It will support and encourage individual and collective national environmental initiatives that will contribute to the sustainability of natural resources and energy.

UAE Minister for Environment and Water Rashid Ahmed bin Fahd announced the prize in co-operation with the Higher Committee of the Zayed International Prize for Environment.