The Login5 Foundation was founded after Samo and Iza Login sold their lucrative mobile app maker Outfit7 for a billion US dollars earlier this year.

The Liechtenstein-based foundation will finance projects in which scientists would try to come up with new solutions to fight climate change.

It will give money to research projects which would substantially contribute to reducing greenhouse gas emissions.

Projects offering cost-effective solutions that could be implemented within 10 years will be prioritized.

"Our foundation is investing time and money into projects that will enable future generations to live on planet Earth," Samo Login has told the STA.

"Since we have to drastically cut greenhouse gas emissions in just ten years, time is the most limiting factor in implementing the necessary solutions."

Projects bidding for funds to be available as part of the Login5 Foundation Challenge can do so by 1 March 2018.

A cap on funding has not been set.