In a word, Elon Musk props up carbon removal research with a $100 million competition.
Elon Musk’s new step will improve our life.
As a matter of fact, Elon Musk props up carbon removal research with a $100 million competition.
The prize will be the largest cash incentive in history, according to XPrize. A long-running organization that hosts competitions focused on spurring innovation in a variety of business sectors.
Carbon removal refers to technologies that can extract carbon dioxide. A pollutant that is among the leading causes of climate change. The atmosphere or ocean to mitigate the warming effect that copious amounts of CO2 emitted due to human activity are having on our planet.
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The goal, according to XPrize, is to spur the invention of a “range of carbon removal solutions.”
Prime focuses on “address the biggest threat facing humanity fighting climate change and rebalancing Earth’s carbon cycle.”
The competition will run for four years. It asks contestants to propose, test, and demonstrate technologies that could use to extract carbon dioxide directly from the Earth’s atmosphere or oceans.
About $15 million will be distributed across the teams that choose to participate in the competition as “seed money” to help get their development programs off the ground. Another $5 million will be reserved specifically for student teams.
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The Bottom Line
Elon Musk, who first announced his intention to fund. The competition in January said during an interview with Diamandis last week.
By and large that he’s open to putting more prize money into the competition if there are stand-out teams in need of more money.
He said he was moved to put the money up for the competition. Because he believes creating such carbon-removing technologies will take a while to figure out, especially when finding economically viable solutions.
“You want to look at both the benefits and cut the costs,” Musk said. “You don’t want the cure to be worse than the disease.”