Speaking at the St Paul's Cathedral where he received the prize, 76-year-old Dalai Lama said that most of the prize money will go to the 'Save the Children' fund in India, with smaller bequests to a science and religion group which is studying the effects of Buddhist practice and to a project to train Buddhist monks as scientists.
About 900,000 pounds will go to 'Save the Children', an Indian NGO that works for child rights, with 125,000 pounds set aside for 'The Minds and Life Institute', a US based non-profit organisation. Money will also go towards a fund to educate Tibetan monks about science.
Dalai Lama, who leads a Tibetan government in exile in India, is being awarded the prize for encouraging "serious scientific investigative reviews of the power of compassion", and its potential to address world problems.
The John Templeton Foundation said he was chosen for exploring these issues, which are key themes of his teachings, with people beyond his own religious traditions.
It is the 40th anniversary of the Templeton Prize, which was established in 1972 as a global award honouring a living person who affirms "life's spiritual dimension", whether through insight, discovery, or practical works.
"With an increasing reliance on technological advances to solve the world's problems, humanity also seeks the reassurance that only a spiritual quest can answer," Dr John Templeton, president of the foundation and son of the late prize founder said.
"The Dalai Lama offers a universal voice of compassion underpinned by a love and respect for spiritually relevant scientific research that centres on every single human being," he added.
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