STOCKHOLM, Nov. 29, 2016 /PRNewswire/ -- A US$5 million prize competition is seeking to identify new models of global cooperation to handle the most serious threats to humanity including climate change, weapons of mass destruction and extreme poverty. The Global Challenges Prize 2017: A New Shape was launched last week by the Stockholm-based Global Challenges Foundation, established in 2012 to deepen understanding of global risks and galvanize more effective responses to them. The prize competition is based on the premise that the current system of global governance which evolved after World War II is no longer equipped to deal with 21 st century risks that transcend national borders and can affect populations anywhere in the world. "Today's risks are so dangerous and so global in their nature they've outrun the international system's ability to deal with them," said Global Challenges Foundation founder Laszlo Szombatfalvy, an investor, author and philanthropist who built his career in Sweden through the successful analysis of financial risk. "We're trying to solve today's problems with yesterday's tools. We believe a new shape of collaboration is needed to address the most critical challenges in our globalized world." The New Shape Prize will ask entrants to design frameworks for international decision-making equipped to address today's global challenges with a focus on climate change, major environmental damage, violent conflict (including nuclear and other weapons of mass destruction) and extreme poverty. Entrants are also asked to consider the implications of a rising world population, forecast by the United Nations to reach 11 billion by 2100. The prize is open to anyone - individuals, groups and organizations - anywhere in the world. "We believe that the human ingenuity that has allowed us to eradicate diseases, bring down poverty levels and stabilize the hole in the ozone layer, can, if properly channeled, play a role in averting the greatest risks to our survival," said Mr. Szombatfalvy. "If we can tap this creativity and apply it to designing a better decision-making system for the world community, we will have a chance of preserving our world for future generations."