XPRIZE, the world’s leader in designing and launching incentive competitions to solve humanity’s grand challenges, has announced the $100M XPRIZE Carbon Removal sponsored by Elon Musk and the Musk Foundation.
The four-year global competition invites innovators and teams from around the world to create and demonstrate a solution that can pull carbon dioxide directly from the atmosphere or oceans and lock it away permanently in an environmentally benign way.
To win the competition, teams must demonstrate a rigorous, validated scale model of their solution at a level of carbon removal of 1 ton of CO2 per day, and further must demonstrate to a team of judges the ability of their solution to economically scale to gigaton levels. The objective of this XPRIZE is to inspire and help scale efficient solutions to collectively achieve the 10 gigaton per year carbon removal target by 2050, to help fight climate change and restore the Earth’s carbon balance.
“We want to make a truly meaningful impact. Carbon negativity, not neutrality. The ultimate goal is scalable carbon extraction that is measured based on the ‘fully considered cost per ton’ which includes the environmental impact. 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,” said Elon Musk, founder and CEO of Tesla and SpaceX.
“We are challenging engineers, scientists and entrepreneurs to build and demonstrate carbon removal systems that work,” said Peter H. Diamandis, Founder and Executive Chairman of XPRIZE. “Systems that in sub-scale can demonstrate real, viable carbon removal at 1 ton per day, and then show us how those systems can scale (cost effectively) to scale massively to gigaton scale. The goal of this competition is to inspire entrepreneurs and engineers to build the carbon dioxide removal solutions, many of which have only been discussed and debated. We want to see them built, tested, and validated. We hope this XPRIZE will activate the public and private sectors to get involved in the same way that the $10M Ansari XPRIZE brought about the commercial spaceflight industry.”
For humanity to reach the Paris Agreements goal of limiting the Earth’s temperature rise to no more than 1.5˚(C) of pre-industrial levels, or even 2˚(C), we need bold, radical tech innovation and scale up that goes beyond limiting CO2 emissions, but actually removes CO2 already in the air and oceans. If humanity continues on a business-as-usual path, the global average temperature could increase 6˚(C) by the year 2100.
The full competition guidelines will be announced on 22 April which is also Earth Day.