XPRIZE, the biggest incentive prize in history, has announced its plans to motivate innovators to provide carbon removal solutions that fight climate change. The nonprofit XPRIZE funded by Elon Musk aims to support design competitions to provide a remedy to humanity’s greatest challenges, will award $100 million for the top 3 carbon removal innovations.
This contest will be looking for the best solutions that can directly absorb carbon dioxide from the atmosphere and trap it permanently in an environmentally benign way. Teams will have to show a validated scale model that removes carbon of 1 ton per day to win the competition. They must also show how their solution to economical scale can get to gigaton levels.
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We want to make a truly meaningful impact. Carbon negativity, not neutrality. The ultimate goal is scalable carbon extraction that is measured based on the ‘fully considered cost per ton’ which includes the environmental impact.Elon Musk, founder of Tesla and SpaceX
Elon Musk further maintained this contest isn’t a theoretical competition as they need teams that can develop real systems that can have a significant impact and scale to a gigaton level.
The founder of XPRIZE, Peter Diamandis, said that the contest intends to build, tests, and validates the carbon removal solutions. He hopes this contest will encourage both the public and private sectors to get involved in the same way that the $10M Ansari XPRIZE brought about the commercial spaceflight.