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Elon Musk-funded new XPRIZE awards $ 100 million for top carbon removal ideas to combat the climate crisis

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The largest incentive award in history was announced this month, encouraging innovators to develop and expand carbon removal solutions to combat climate change.

XPRIZE Elon Musk

The non-profit XPRIZE, which sponsors a design competition to solve humanity’s biggest challenges, will award $ 100 million for the top three carbon removal innovations.

This contest, funded by Elon Musk, seeks the best solution that can extract carbon dioxide directly from the atmosphere or ocean and permanently confine it in an environmentally friendly way. To win the competition, teams need to demonstrate a rigorous and validated scale model of the solution at carbon removal levels of 1 ton of CO2 per day. In addition, the jury team needs to demonstrate the ability of the solution to scale economically to gigaton. level.

The purpose of this XPRIZE is to achieve the annual carbon removal target of 10 gigatons by 2050, fight climate change and restore the Earth’s carbon balance.

We really want to have a meaningful impact. Carbon negativity, not neutrality. Elon Musk, founder and CEO of Tesla and SpaceX, said the ultimate goal is a scalable carbon extraction that is measured based on a well-thought-out cost per ton, including environmental impact. This is not a theoretical competition. We need a team to build a real system that can have measurable impact and scale to gigaton levels. Take your life.Time is important

Peter Diamandis, Founder and Executive Chairman of XPRIZE, said: We hope that this XPRIZE will revitalize and engage the public and private sectors in the same way that the $ 10 million Ansari XPRIZE has brought to the commercial spaceflight industry.

Related: Bezos has created a $ 10 billion Earth Fund to respond to the climate crisis

Bold and fundamental beyond the CO2 limit for humankind to achieve the Paris Agreement’s goal of limiting global temperature rise below pre-industrial levels of 1.5 (C) and even 2 (C). Innovation and scale-up are needed. Although it is an emission amount, it actually removes CO2 already in the atmosphere and ocean. If humanity continues to follow its normal path, the average global temperature could rise by 6 (C) by 2100.

Complete competition guidelines will be published on April 22, 2021, which is also Earth Day. Team registration will begin on the same day and the competition will continue for four years until Earth Day 2025.

The $ 100 million prize will be distributed in the following ways, based on the following guidelines:

Each of the top 15 selected teams will receive $ 1 million and the $ 80 million prize will be distributed as follows: The highest award winner (1st place) will win $ 50 million, the 2nd place will win $ 20 million, and the 3rd place will win $ 10 million.

A $ 25,000 student scholarship totaling $ 25 will also be distributed to competing student teams.

Related: For the first time, US renewables outperform coal daily for a month

Teams can submit entries across natural, engineer, and hybrid solutions. The contest judges will evaluate the team based on four basic criteria:

A rigorously verifiable, practical carbon removal prototype that can remove at least 1 ton per day. The team can show the judges that the solution can be economically extended to the gigaton level. The main indicators of this competition are fully considered as cost per ton, including the considerations required for environmental benefits, permanence and value-added products. And the final criterion is the length of time that the removed carbon is trapped. A minimum goal of 100 years is desired.

Climate change on our planet is a fundamental threat to humankind. But it’s not too late to take action now, says XPRIZE CEO Anousheh Ansari. By partnering with Earon and the Musk Foundation, the XPRIZE Carbon Removal Competition is calling on the team to become a climate change hero by making history and shaping the future.

Details: MIT engineers announce innovative carbon capture technology that absorbs CO2 with significantly less energy and money

There are many ways to emit CO2 from the atmosphere and the ocean, so the group calls it the best way to remove carbon. We expect to see approaches such as artificial direct air capture, mineralization, enhanced weathering, natural plants and tree-based solutions, or ocean-focused solutions. We need as many viable and scalable demonstrations as possible so we can help everyone deploy the best solution as soon as possible.

Share hopeful news with Elon Lovers on social media …

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