Elon Musk has put up $100 million as part of a new X Prize Foundation competition with the aim of discovering a more efficient carbon removal technology. The contest will run for four years and teams from around the globe can qualify.
Fifteen teams will be selected to participate in the competition within 18 months. Each team will receive $1 million, and student teams who enter will get 25 separate $200,000 scholarships. The grand prize is $50 million to be awarded to the winner of the competition, second place will receive $20 million, and third place will also get $10 million.
To win, the team has to “demonstrate a solution that can pull carbon dioxide directly from the atmosphere or oceans and lock it away permanently in an environmentally benign way,” according to the X Prize Foundation.
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The Judges will also be looking for solutions that pull one ton of CO2 per day which can scale to gigaton levels. The X Prize Foundation will publish the full competition guidelines by 22nd April 2021.
“We want to make a truly meaningful impact. Carbon negativity, not neutrality. This is not a theoretical competition; we want teams that will build real systems that can make a measurable impact and scale to a gigaton level. Whatever it takes. Time is of the essence,” Musk said in a statement.
Musk had first announced that he was donating money towards a prize in January 2021. The Tesla and SpaceX CEO had also asked his millions of Twitter followers for “ways to donate money that really make a difference”. The Elon Musk Foundation will give the entire $100 million prize money.
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