Elon Musk Kicks Off $100M CO2 Tech Contest to Overcome Weather Transform

Elon Musk Kicks Off $100M CO2 Tech Contest to Combat Climate Change

Elon Musk, founder of SpaceX, speaks for the duration of the Satellite 2020 at the Washington Convention CenterMarch 9, 2020, in Washington, DC. BRENDAN SMIALOWSKI/AFP by using Getty Pictures

From now through Earth Working day 2025 (April 22), scientists and engineers around the environment have a possibility to get up to $100 million in prize revenue from Tesla and SpaceX CEO Elon Musk—if they can uncover a secure and expense-effective way to take out carbon dioxide from the atmosphere and retail outlet it absent for 100 yrs.

The prize is aspect of Musk’s new philanthropic initiative and the greatest donation he’s ever fully commited. He declared the approach in January immediately after a 12 months of soaring Tesla inventory experienced built him the world’s richest man or woman with a fortune of $203 billion. (At push time, Musk is the world’s second richest particular person, just after Jeff Bezos, with a web value of $185 billion.)

The prize will be the most significant innovation incentive in history, in accordance to the nonprofit XPRIZE, which hosts the opposition. XPRIZE has been running innovation prizes in regions such area tech, clear electrical power, and robotics because 1994.

In an interview with XPRIZE Chairman Peter Diamandis on Thursday in Cape Canaveral, Florida, Musk explained carbon removing is a essential part of combating global warming and that the most significant challenge is to uncover a technological innovation that can be scaled up over time.

“I believe this is a single of individuals points that is heading to just take a even though to determine out what the appropriate option is, and in particular to determine out what the greatest economics are for CO2 elimination,” the entrepreneur reported, sitting barefoot against a backdrop of tropical forests.

“I never imagine we are at the moment doomed,” he added. “[But] if we keep heading, complacent, there is some danger of non-linear climate alter.”

“Even as we race to get to net zero, the weather math tells us that we have to also accelerate the development and deployment of methods that can be carbon unfavorable. Which is what this prize is all about,” Marcius Extavour, XPRIZE vice president of climate and atmosphere, said in a video presentation Thursday.

The contest is open up to college students, scientists and engineers globally. The winning team will have to show how their technology can at some point take away 10 gigatons of CO2 annually by 2050. A gigaton is equivalent to a person billion metric tons, or 2.2 trillion kilos.

The $100 million prize will be dispersed in phases. At the stop of the initially 18 months of the competitiveness (late 2022), a overall of $20 million will be offered to 15 industry groups (each and every will get $1 million) and 25 scholar groups (each and every will get $200,000.) At the end of 4 decades, the best winner will get a lump sum of $50 million. The runner-up will get $20 million and the 3rd location winner will get $10 million.

Dependent on how spectacular the last creation is, Musk is open to “increasing the prize size more than time,” he claimed Thursday.

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Elon Musk Launches $100M Contest to Fight Climate Change