Let’s take a look at how to apply and more about the competition and prize.
It turns out that the Musk Foundation has selected XPRIZE to manage this process.
XPRIZE will open registrations for this competition starting on April 22, 2021 and the competition will run continuously for 4 years to find the best carbon capture solution.
The XPRIZE webpage explains Elon Musk’s $100 million donation details and a number of key points which can serve to help a team (or individual) ultimately win the prize.
1st, to win the competition, teams must demonstrate a rigorous, validated scale model of their carbon removal solution, and must demonstrate to a team of judges the ability of their solution to economically scale to gigaton levels.
In essence, the objective of this XPRIZE is to inspire and help scale efficient solutions to collectively achieve a 10 gigaton per year carbon removal target by 2050 in order to help fight climate change and restore the Earth’s carbon balance.
- A working carbon removal prototype that can be rigorously validated and capable of removing at least 1 ton per day
- The team’s ability to demonstrate to the judges that their solution can economically scale to the gigaton level
- The main metric for this competition is fully considered cost per ton, inclusive of whatever considerations are necessary for environmental benefit and permanence
The final criteria is the length of time that the removed carbon is locked up for
A minimum goal of 100 years is desired