Tech mogul Elon Musk has pledged USD 100 million for a competition. The competition is aimed at bolstering the fight against climate change. Musk wants a technology that will focus on carbon removal. Removing carbon from the atmosphere will help in limiting global warming. He will provide USD 100 million to XPrize Foundation for organizing the competition. Xprize Foundation is a non-profit organization. It is known for hosting competitions around the world. Its objective is to encourage innovation and developing new technology. The carbon removal contest will run for four years. Teams around the world can join the competition. In the first 18 months, the foundation will select 15 teams. Each team will get USD 1 million. Besides, separate 25 student teams will be given USD 200,000 scholarships.
The winner of the competition will be awarded USD 50 million. The first runner-up will get USD 20 million and the second runner-up will get USD 10 million. Musk said that he wants to make the fight against climate change meaningful. He said that that this is not a theoretical competition. The teams participating in the competition will develop real systems that can create a positive impact and make a difference. Musk wants the participants to demonstrate a system that can pull carbon dioxide directly from the atmosphere and lock it permanently away in an environment where it does not spread. The jury will look into the solutions submitted by the teams. They will look for systems capable of removing tons of carbon dioxide daily.
Musk had in January announced to donate money towards the prize. He made the announcement soon after becoming the richest person in the world. Musk will donate USD 100 million from his own foundation. The amount nearly doubles the donations the billionaire has made through the Musk Foundation till date. Notably, there are technologies available to capture carbon dioxide emanating from industry sources. But capturing carbon dioxide from the air is difficult. This requires modern technology. But the cost and storage are a big hurdle. Musk wants a technology that will be a game-changer in finding a solution to global warming. Several countries have pledged to cut down the amount of carbon dioxide emission from industries and vehicles. Under the Paris climate accord, 195 countries have agreed to take measures to keep the increase in global temperature below 2 degrees Celsius.