The Earth BioGenome Project (EBP) is a recently proposed international collaborative research initiative that aims to sequence the genomes of all ~1.5 million known eukaryotic species on Earth in 10 years. The project has been called "biology's moonshot" because of its potential to transform our understanding of life on Earth, to provide new tools for the conservation, preservation and regeneration of biodiversity, and to drive innovations in agriculture, medicine and the delivery of ecosystem services. The presentation will highlight the many scientific opportunities and technical challenges foreseen for the EBP and the importance of global collaboration for success of the project.