Musk Foundation XPrize for Carbon Removal
Funded by Elon Musk and the Musk Foundation, XPRIZE Carbon Removal is the largest, most audacious incentive prize in history. The long term goal is carbon negativity, not neutrality, and XPRIZE Carbon Removal is fighting climate change by working to restore the Earth’s carbon balance with real, meaningful solutions.
This four-year global competition invites innovators and teams from anywhere to create and demonstrate solutions that can pull carbon dioxide directly from the atmosphere or oceans. To win the grand prize, teams must demonstrate a working solution at a scale of at least 1000 tonnes removed per year; model their costs at a scale of 1 million tonnes per year; and show a pathway to achieving a scale of gigatonnes per year in future. All demonstrations must be validated by a third party.
The XPRIZE purse is $100M (USD), distributed as follows:
- $50M for the single Grand Prize Winner;
- $30M to be distributed among up to 3 runners-up;
- $15M to be disbursed as Milestone Prizes of $1M each, for up to 15 competitors showing the most promise after one year;
- $5M will be distributed to Student teams in the Fall of 2021. These awards may be used to fund participation in the XPRIZE Carbon Removal or the development of key supportive technologies.
More details on the XPRIZE Carbon Removal can be found here: https://research.utoronto.ca/funding-opportunities/db/musk-foundation-xprize
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