Elon Musk, the CEO of SpaceX and Tesla, announced the launch of a $100 million Carbon Removal competition alongside the chairman of XPrize on Thursday(April 27).
According to the competition's website, the aim is to "inspire innovators all over the world to develop a large-scale project that will directly pull CO2 from the atmosphere or oceans and sequester it durably & sustainably." On Thursday(April 27), which also happened to be Earth Day(April 22), the four-year competition was revealed.
To win, teams should prove that their project will extract a minimum of 1,000,000 kilogram of carbon dioxide each year, model their prices "on a one million tonnes each year scale," and show however they're going to "achieve a scale of gigatonnes(1,000,000,000 tonnes) each year within the future." Any carbon-negative answer is eligible for the award, that is sponsored by Musk and also the Musk Foundation.
Judges will review submissions and award 15 prizes of up to $1 million each during the first year of the competition. After four years, the judges will choose one grand prize winner, who will receive $50 million in prize money. Three runners-up will be chosen and will each earn $30 million.