Elon Musk pledges $100 million for new X Prize carbon removing opposition

Elon Musk is putting up $100 million as section of a new X Prize Basis competitiveness targeted on carbon removal technological know-how. The contest, introduced Monday morning, will operate for four years and is open to teams all over the globe.

Fifteen groups will be chosen for the levels of competition in 18 months. They will each individual get $1 million, and 25 different $200,000 scholarships will be specified to scholar teams who enter. The grand prize winner will be awarded $50 million, next spot will acquire $20 million, and 3rd area will get $10 million.

Winners will have to “demonstrate a answer that can pull carbon dioxide instantly from the ambiance or oceans and lock it away forever in an environmentally benign way,” according to the X Prize Foundation. Judges will be seeking for alternatives that could eliminate just one ton of CO2 for each working day that can scale to gigaton concentrations. Comprehensive competitors rules will be released on April 22nd.

“We want to make a actually meaningful impression. Carbon negativity, not neutrality,” Musk states in a statement. “This is not a theoretical levels of competition we want groups that will create real systems that can make a measurable effect and scale to a gigaton degree. What ever it normally takes. Time is of the essence.”

Musk 1st announced that he was donating funds in direction of a prize in January, not extended after he handed Amazon CEO Jeff Bezos to come to be the richest man or woman in the entire world. When that transpired, the Tesla and SpaceX CEO questioned his tens of millions of Twitter followers for “ways to donate funds that actually make a change.” The $100 million is coming from Musk’s personal foundation. This donation roughly doubles the amount of money he has publicly supplied absent to day through the Musk Basis.

Carbon removal technological know-how is an high priced idea that is continue to unproven at scale, with solutions ranging from funding reforestation jobs to physically pulling the greenhouse gasoline out of the air. But it is grow to be modern as the world heats up. It’s specifically well-known among main corporations. Final year, Stripe produced it probable for companies that use its payment processing platform to funnel portions of their proceeds in direction of the progress of carbon elimination tech.

Possibly most notably, Microsoft introduced in 2020 that it wished to capture the equivalent of all the carbon dioxide it’s ever emitted. The corporation pledged $1 billion toward the work.

Previous month, we acquired the first glimpse at the slight progress Microsoft has produced towards that intention. The firm bought contracts to seize 1.3 million metric tons of CO2, or just 11 p.c of its complete emissions for 2020 by yourself.