Elon’s 0M Dollar Prize For Climate Strategy

Elon’s $100M Dollar Prize For Climate Strategy

“We want teams to build real systems that can make a measurable impact at a Gigaton level. Whatever it takes. Time is the essence,” says Elon Musk

XPRIZE Carbon Removal aims to fight climate change by rebalancing Earth’s carbon cycle. Funded by Elon Musk and the Musk Foundation, this $100M competition is the largest incentive prize in history.

The International Panel on Climate Change (IPCC) estimates that we need to approximately remove 10 gigatonnes of net CO2 per year by the year 2050 in order to keep the global temperature rise under 1.5 or 2C. Carbon removal is the only way to stop the global average temperatures from increasing by 6˚(C) by 2100. 

It is a four-year global competition inviting ideas to remove carbon dioxide directly from the atmosphere or oceans and sequester it sustainably. To win the grand prize, teams must demonstrate a working solution at a scale of at least 1000 tonnes removed per ye ar; model their costs at a scale of 1 million tonnes per year; and show a pathway to achieving a scale of gigatonnes per year in future.

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All nature-based, direct air capture, oceans, mineralization carbon-negative innovations that achieve net negative emissions and sequesters CO2 durably are invited.

Registration opened on Earth Day, April 22nd 2021. The competition will last for 4 years through Earth Day 2025.

Teams can be composed of university groups, high school students, startups and innovators, small to midsize companies, community-based organizations, families or individuals. Register here to create or join a team.

After 1 year of competition, judges will review all submissions received and award up to 15 Milestone Prizes of $1 million each. These awards would be granted only if the team commits to demonstration and continues to develop and advance their solutions to compete for the Grand Prize.

After 4 years, judges will select the winners. A $50 million prize to the ultimate single Grand Prize Winner and a $30 million to be distributed among up 3 runners up.

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