After Elon Musk announced he would donate $100 million to a carbon capture contest, the details of this were finally out. The XPrize Foundation, an entity that will organize the competition, announced on Monday that what are the criteria for analyzing the proposals and how will the prize will be distributed.
Participants should “create and demonstrate a solution that can capture carbon dioxide directly from the atmosphere or oceans and permanently block it in an environmentally benign manner.” According to XPrize is to encourage the creation of solutions and help them achieve scale.
Four years long and open to participants from the world, the competition is looking for proposals capable of removing a ton of carbon dioxide a day from the atmosphere. The idea is that by 2050, they will be able to collectively reach the mark of 10 gigatons of carbon dioxide captured per year.
The top 15 teams on musk jury criteria will receive $1 million each. The amount will serve as initial funding for the teams to demonstrate their projects on a large scale. At this stage, the project will also offer 25 scholarships of US$ 200,000 each.
The rest of the prize will be a divide among the three best-rated teams. The amount will be a divide as follows:
- 1st place: $50 million
- 2nd place: $20 million
- 3rd place: $10 million
“Carbon negativity, not neutrality”
In a statement about the contest, Musk made it clear that the idea is to seek real solutions that can reduce the presence of carbon dioxide in the atmosphere. The executive also indicated that participants should consider two criteria: the cost per ton of carbon collection and the time that the solution can store it.
“We want to make a truly significant impact. Carbon negativity, not neutrality. The ultimate goal is scalable carbon extraction which is measured based on ‘fully considered cost per ton’. This is not a theoretical competition; we want teams that build real systems that can have measurable impact and scale to a gigaton level. Whatever it takes. Time is of the essence.”
Registration for the contest promoted by Elon Musk begins on April 22, the date that marks Earth Day. The dispute will reach the 15 best bids in 18 months and will be completed in 2025.
With information: XPrize Foundation.
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