The X Prize is the richest incentive prize in history. This being awarded by Elon Musk for your sustainable idea for Carbon Removal. He wants your ideas on fighting climate change and is willing to pay top dollar for them.
The SpaceX and Tesla billionaire with his Musk Foundation are funding the new Carbon Removal X Prize to the tune of $100 million — the biggest prize in history, according to X Prize officials.
The goal of this four-year contest is to nurture the development of technology that pulls the carbon dioxide which causes the greenhouse effect out of the atmosphere and move Earth off its disastrous trajectory.
“We want to make a truly meaningful impact. Carbon negativity, not neutrality,” Musk said in his statement released by the X Prize Foundation. “This is not a theoretical competition; we want teams that will build real systems that can make a measurable impact and scale to a gigaton level. Whatever it takes. Time is of the essence.”
This competiion is open to anybody around the world, the existence of which Musk had teased last month. The complete guidelines will be released on Earth Day (April 22) and its the same day that registration starts. The X contest will run through Earth Day 2025, X Prize officials said.
The first big chunk of the $100 million will be disbursed in October 2022 to 15 teams at $1 million each. This will be based on the feasibility of their project as decided by a panel of judges. At the same time, 25 scholarships worth $200,000 a-piece will be awarded to student teams in the competition, the X Prize officials said.
When the final decision takes place in 2025, the overall winner will receive a grand prize of $50 million while the second and third third positions will net $20 million and $10 million, respectively.