Tom Ford has launched the Tom Ford Plastic Innovation Prize in a bid to find a sustainable alternative to plastic.

The fashion designer has partnered with the creative agency 52HZ on the competition, which is seeking submissions from inventors and entrepreneurs to create a substitute for thin-film plastic to protect the world's oceans and reduce carbon footprint.

Ford said in a statement: “Sustainability is a key critical issue in our lives now.

“Plastic pollution is taking one of the greatest tolls on our environment and thin-film plastic makes up 46% of all plastic waste entering our ocean. We will continue to advocate for the adoption of the winning innovations and will do whatever we can to turn the tide of plastic pollution and thin-film plastic specifically. We need to work towards finding a solution before it’s too late to save our environment.”

The former Gucci and Yves Saint Laurent creative director - who launched his eponymous luxury brand in 2006 - will lead the judging panel, which also includes the likes of designer and environmental activist Stella Mccartney and actress Trudie Styler.

They will be examining the entries to make sure they are in fact kinder to the planet and ready to go on sale by 2025.

The winner will win a whopping $1 million (£700 million).

Submissions can be made up until October 24 via