Elon Musk Reveals $100M Decarbonization Prize Policies

Elon Musk Reveals $100M Decarbonization Prize Rules

Tesla head Elon Musk talks to the press as he comes to to have a appear at the building web page of the new Tesla Gigafactory in close proximity to Berlin on September 03, 2020 in close proximity to Gruenheide, Germany. Maja Hitij/Getty Visuals

Particularly a month ago, recently topped world’s richest individual Elon Musk tweeted that he essential information on ways to steer some of his (at press time) $203 billion fortune toward the higher good of humanity.  He seemed to have observed his very first focus on two months later, when he tweeted on January 21 that he would be providing $100 million “toward a prize for the ideal carbon capture technological know-how.”

In a adhere to-up tweet, the Tesla CEO additional that he was on the lookout for a thing “ultra-massive-scale industrial” that will help “accelerate the transition to a sustainable vitality economic system.”

Facts about the prize lastly surfaced on Monday when XPRIZE Basis, the nonprofit business hosting the levels of competition, put up a webpage introducing the contest and its objectives and regulations. XPRIZE has been running innovation prizes due to the fact 1994 in places these types of as space tech, ocean science, clean up energy and robotics. Musk’s $100 million donation, taken from money out of his very own pocket as very well as his Musk Basis, is the largest incentive prize the nonprofit has hosted so significantly.

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XPRIZE states the prize will be awarded to these who have created the most effective technologies for removing carbon dioxide immediately from the ambiance or oceans and retailer it in a harmless, price tag-efficient way for a least of 100 years.

“We want to make a really meaningful impact. Carbon negativity, not neutrality,” Musk stated in a statement by way of XPRIZE on Monday. “This is not a theoretical opposition we want groups that will develop actual programs that can make a measurable impression and scale to a gigaton level. Whichever it normally takes. Time is of the essence.”

The contest is open to learners, scientists and engineers globally and will operate for 4 several years, starting off from Earth Working day this calendar year, April 22, to Earth Working day 2025.

The profitable team have to display how their technology can remove at least a ton of CO2 from the environment for every working day and how that know-how can be scaled up to be able to clear away 10 gigatons of CO2 for every 12 months by 2050. A gigaton is equal to a person billion metric tons, or 2.2 trillion lbs. The device mass is equal to a 1,119-ft-tall sheet of ice stacked on top of Central Park in Manhattan, according to NASA.

“The supreme aim is scalable carbon extraction that is calculated primarily based on the ‘fully regarded charge for each ton’ which involves the environmental impression,” Musk described in his statement.

The $100 million prize will be distributed in phases. The to start with stage “Milestone Awards” will be offered at the stop of the to start with 18 months of the competitiveness to the best 15 groups (every single will get $1 million) and the best 25 college student groups (each individual will get $200,000.) At the finish of 4 decades, the very first location winner will obtain $50 million, the 2nd area winner will get $20 million and the third location winner will get $10 million.

Elon Musk Reveals Rules to His $100 Million Climate Tech Competition