$100 Million Prize Money for Carbon Capture Innovation

The CNBC website reported that the details behind Elon Musk’s $100 million prize for the best carbon capture technology are coming into focus. The nonprofit organization which is running the contest, the XPRIZE Foundation, has been running innovation prizes since 1994. The innovation prize will be awarded for the best technology created for removing carbon dioxide directly from the atmosphere or oceans and store that carbon in a safe, cost-effective way. It will run for four years, launching on April 22, 2021 (Earth Day) and run through Earth Day 2025. Ultimately, the goal of the contest is to inspire the innovation of technology that can be scaled up to collectively remove 10 gigatons of carbon dioxide per year by 2050. Marcius Extavour, a director at XPRIZE, concluded “An incentive prize is a great way to stimulate demonstrations of new solutions to help create that ecosystem of companies and solutions that we will need.”

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