(Elon Musk) Elon Musk has pledged $ 100 million as part of a new XPrize Foundation competition focused on carbon removal technology.
The competition, announced Monday morning, has been running for four years and is open to teams from all over the world.
The XPrize Foundation is a non-profit organization that designs and hosts public competitions aimed at encouraging technological development for the benefit of humanity.
Fifteen teams are selected to compete within 18 months, each will receive $ 1 million, and 25 separate scholarships of $ 200,000 are awarded to student-entry teams.
The grand prize winner gets $ 50 million, the second place gets $ 20 million, and the third place gets $ 10 million.
Winners must demonstrate a solution that can pull carbon dioxide directly out of the atmosphere or oceans and lock it away permanently in an environmentally friendly way, according to the XPrize Foundation.
Judges are looking for solutions that can remove one tonne of carbon dioxide per day, which can reach gigaton levels, and the full competition guidelines are published on April 22.
Musk said in a statement: We want to have a real impact on carbon negativity, not neutrality, and this is not a theoretical competition.
Mask announced across Tweet In January, he donated money for a prize shortly after he surpassed Amazon CEO Jeff Bezos to become the world’s richest person.
When that happened, the CEO of Tesla and SpaceX asked his millions of followers on Twitter about ways to donate money that could make a real difference.
The $ 100 million comes from the private Mask Foundation, and the donation doubles the amount it has publicly donated to date through the Mask Foundation.
Decarbonization is an expensive idea that remains largely unproven, with options ranging from financing afforestation projects to withdrawing greenhouse gases from the air.
The technology is becoming familiar with global warming, and is especially popular with large companies.
Financial services firm Stripe last year allowed companies that use its payment processing platform to divert portions of the proceeds toward developing carbon removal technology.
Microsoft announced in 2020 that it wanted to capture the equivalent of all the carbon dioxide it previously emitted into the atmosphere, and the company pledged $ 1 billion for the effort.
Last month, the company provided a first glimpse of the slight progress it had made toward the goal, with the company purchasing contracts to capture 1.3 million metric tons of carbon dioxide, or 11 percent of its total emissions for 2020 alone.