From now by way of Earth Working day 2025 (April 22), experts and engineers all-around the globe have a prospect to gain up to $100 million in prize money from Tesla and SpaceX CEO Elon Musk—if they can find a secure and cost-successful way to clear away carbon dioxide from the environment and store it away for 100 a long time.
The prize is section of Musk’s new philanthropic initiative and the premier donation he’s ever fully commited. He declared the approach in January just after a calendar year of soaring Tesla stock had manufactured him the world’s richest individual with a fortune of $203 billion. (At press time, Musk is the world’s next richest man or woman, right after Jeff Bezos, with a web well worth of $185 billion.)
The prize will be the premier innovation incentive in heritage, in accordance to the nonprofit XPRIZE, which hosts the opposition. XPRIZE has been running innovation prizes in locations these kinds of room tech, clean up power, and robotics due to the fact 1994.
In an job interview with XPRIZE Chairman Peter Diamandis on Thursday in Cape Canaveral, Florida, Musk explained carbon removal is a vital element of combating international warming and that the greatest challenge is to uncover a technological know-how that can be scaled up above time.
“I consider this is one particular of those people items that is heading to get a although to figure out what the proper alternative is, and especially to figure out what the greatest economics are for CO2 removing,” the entrepreneur stated, sitting down barefoot towards a backdrop of tropical forests.
“I really don’t assume we are at present doomed,” he extra. “[But] if we preserve likely, complacent, there is some risk of non-linear weather change.”
“Even as we race to get to net zero, the local climate math tells us that we have to also speed up the advancement and deployment of options that can be carbon destructive. That is what this prize is all about,” Marcius Extavour, XPRIZE vice president of weather and atmosphere, claimed in a online video presentation Thursday.
The contest is open up to college students, scientists and engineers globally. The winning staff ought to display how their technological innovation can finally get rid of 10 gigatons of CO2 per year by 2050. A gigaton is equal to one particular billion metric tons, or 2.2 trillion lbs.
The $100 million prize will be dispersed in phases. At the end of the 1st 18 months of the competitors (late 2022), a total of $20 million will be specified to 15 sector groups (each individual will get $1 million) and 25 pupil groups (each and every will get $200,000.) At the finish of four yrs, the prime winner will acquire a lump sum of $50 million. The runner-up will get $20 million and the third area winner will get $10 million.
Depending on how extraordinary the closing invention is, Musk is open to “increasing the prize dimension more than time,” he reported Thursday.