April 2, 2008 - Oil and gas giant ConocoPhillips has launched a $300,000 annual prize for "original, actionable solutions" to the U.S. energy crunch and global climate change. The ConocoPhillips Energy Prize, awarded in partnership with Penn State's Energy Institute, will recognize innovative ideas for developing new energy sources, improving energy efficiency, and reducing greenhouse gas emissions.

Providing adequate, reliable and diverse supplies of energy; significantly improving energy efficiency; and taking action on climate change are challenges that will require innovative technology, resource commitments and responsible stewardship by energy producers and consumers alike, says ConocoPhillips CEO Jim Mulva.

A panel of energy and environmental experts will select up to five finalists to present their concepts during a two-day awards event in October. Concepts will be judged on the basis of creativity, scalability, commercial viability, and sustainability.

Official rules for the 2008 ConocoPhillips Energy Prize are available here. Entries will be accepted through May 30.