Elon Musk is giving $100 Million to whoever removes carbon dioxide from air
Tesla and SpaceX CEO Elon Musk is investing $100 Million to fund a competition focused on finding new ways to remove carbon dioxide from air. The contest held by XPRIZE was announced this morning (8), will last for four years and teams from all over the world will be able to participate.
Am donating $100M towards a prize for best carbon capture technology
— Elon Musk (@elonmusk) January 21, 2021
This is the largest prize in XPrize’s history even though they already made a XPrize competition targeting carbon emissions, where the winners took $20 million in prizes. Fifteen teams will be selected and each group will receive US $ 1 million. In the end, the grand prize winner will win US $ 50 million, the runner-up will receive US $ 20 million and the third place will receive US $ 10 million.
Teams will be able to register for the competition on April 22. Winners must demonstrate a solution that extracts carbon dioxide from the atmosphere or oceans in a “benign for nature” way. The judges are looking for solutions that can remove, on average, one ton of CO2 per day, reaching levels of gigatonnes.