Elon Musk is installing $100 million as part of a new X Reward Structure competition focused on carbon elimination technology. The contest, announced Monday early morning, will run for four years and is open to teams around the world.
They will each get $1 million, and 25 different $200,000 scholarships will be given to trainee teams who go into. The grand reward winner will be granted $50 million, second location will get $20 million, and third location will get $10 million.
Winners will have to “demonstrate an option that can pull carbon dioxide straight from the environment or oceans and lock it away permanently in an ecologically benign way,” according to the X Reward Foundation.
Carbon negativity, not neutrality,” Musk states in a statement. “This is not a theoretical competitors; we want teams that will develop real systems that can make a quantifiable impact and scale to a gigaton level.
Musk first announced that he was contributing cash towards a prize in January, not long after he passed Amazon CEO Jeff Bezos to become the wealthiest person in the world. When that took place, the Tesla and SpaceX CEO asked his millions of Twitter followers for “ways to donate money that really make a difference.” The $100 million is originating from Musk’s own foundation. This donation approximately doubles the quantity he has actually publicly distributed to date through the Musk Foundation.
Carbon removal innovation is an expensive idea that’s still unproven at scale, with alternatives ranging from moneying reforestation jobs to physically pulling the greenhouse gas out of the air. It’s ended up being trendy as the world heats up. It’s particularly popular amongst major corporations. In 2015, Stripe made it possible for businesses that utilize its payment processing platform to funnel parts of their proceeds towards the advancement of carbon elimination tech.
Maybe most significantly, Microsoft announced in 2020 that it wished to capture the equivalent of all the co2 it’s ever produced. The company vowed $1 billion toward the effort.
Last month, we got the very first glimpse at the minor progress Microsoft has made toward that goal. The business bought contracts to record 1.3 million metric lots of CO2, or simply 11 percent of its overall emissions for 2020 alone.