According to The Hollywood Reporter, Baldwin announced the $1.5 million project at the Cannes Film Festival.
The film will focus on the recent oil spill in the Gulf of Mexico and its effects on the environment, people and economy of the US Gulf Coast.
"I want to talk to the world with this film. I want to create the story of the impact that then crescendos into motivating people to be pro-active in their own choices," Baldwin said.
Kevin Costner is reportedly involved with the film, which he is tipped to narrate.
"This project is my greatest passion," said Baldwin, who also revealed that he has already shot some footage.