New Mission, New Website coming soon! Learn more now.

Equities logo
Search
Close this search box.

Elon Musk Pledges $100 Million Toward Competition To Find New Ways To Remove Carbon From Air or Water

Musk's donation launches a four-year global competition to find ways to remove carbon dioxide from Earth’s atmosphere and oceans.

Video source: YouTube, XPRIZE

Elon Musk is contributing $100 million in prizes for a four-year global competition to find ways to remove carbon from the Earth’s atmosphere and oceans.

After the billionaire tech entrepreneur’s pledge last month to fund a carbon-capture competition, the first details were released Monday by XPRIZE Foundation, a non-profit organization that hosts contests to encourage technological development.

The goal, XPRIZE said, is to tackle “the biggest threat facing humanity – fighting climate change and rebalancing Earth’s carbon cycle.”

Kicking off on Earth Day, April 22, the contest will run for four years, and winners will need 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.” 

The competition is not just limited to technology-related solutions. XPRIZE said any carbon-negative solution is eligible – “nature-based, direct air capture, oceans, mineralization or anything else that sequesters CO2 permanently.” 

The top prizes include $50 million for the overall winner, along with $20 million for second place and $10 million for third. Twenty-five separate $200,000 scholarships will be given to student teams who enter.

Teams will be able to register for the competition on April 22. Within 18 months, a panel of judges will select 15 top teams to receive $1 million each, based on the strength of their submissions. 

XPRIZE will issue full guidelines and additional details about the competition in April.

Musk first announced he would donate $100 million from his foundation toward a prize in January, shortly after he passed Amazon.com Inc chief executive officer Jeff Bezos as richest person in the world

When that happened, the Tesla Inc (Nasdaq: TSLA) and SpaceX chief executive officer asked his millions of Twitter followers for “ways to donate money that really make a difference.”

Following Monday’s announcement on the contest, Musk said in a press release, “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 added.

_____

Source: Equities News