elon musk: Elon Musk’s foundation announces CO2-capture competition, winner gets $50 million

Reducing the carbon footprint is the way in which to a more healthy earth. Tesla CEO Elon Musk’s foundation has introduced a four-year-long CO2-capture competitors price $100 million. The competitors known as the Xprize Carbon Removal and is funded by the tech billionaire and the Musk Foundation.
The competitors tips might be launched on April 22, 2021, which occurs to be Earth Day. The group registration too opens on the identical date. As it’s a four-year-long competitors, it’ll finish on Earth Day 2025 solely. After 18 months, the highest 15 groups will get $1 million every. Also, twenty-five $2,00,000 pupil scholarships might be awarded to the competing groups. Out of the remaining $80 million, 50 will go to the profitable group, 20 to the runner-up and 10 to the group that comes at third place.
As per the Xprize weblog submit, “any carbon negative solution is eligible: nature-based, direct air capture, oceans, mineralization, or anything else that sequesters CO2 permanently. “
So what are the criteria to win the competition? The “teams must demonstrate a rigorous, validated scale model of their carbon removal solution, and further must demonstrate to a team of judges the ability of their solution to economically scale to gigaton levels. The objective of this XPRIZE is to inspire and help scale efficient solutions to collectively achieve the 10 gigatons per year carbon removal target by 2050, to help fight climate change and restore the Earth’s carbon balance.”
The groups might be evaluated primarily based upon 4 standards. First, the group ought to have a working carbon elimination prototype that may take away not less than 1 ton of carbon per day. Second, the group ought to have the ability to exhibit and persuade the judges that the prototype is economically viable to the gigaton stage. The third and the principle metric “is fully considered cost per ton, inclusive of whatever considerations are necessary for environmental benefit, permanence, any value-added products”. The fourth and closing criterion is the time period the eliminated carbon is locked up for, with the minimal aim being 100 years.