Microsoft (as a part of MSN) has announced a new competition for developers to use their Live Search API to create applications/mashups to help either help people cope with the current state of the economy or help to protect the environment - Will Code for Green.

The goal of “Will Code for Green” is to create a Web application or mashup that uses the Live Search API in order to a) help people cope with the economy OR b) help people protect the environment. The top prizes for economy or ecology categories are $10,000 each, with 3 overall runners up receiving $3,000. The prize money for this contest is larger in hopes of promoting the formation of teams.

More information about the contest and how to enter can be found on its website - submissions will be taken from June 1st through August 12th. Voting starts immediately after and the top five will be posted by August 20th. This blog also has more information.