Carbon Removal Competitions
Elon Musk is Donating $100 Million for New Carbon Capture Technologies
Grace Mahas — February 8, 2021
Telsa founder Elon Musk recently announced that he will donate $100 million to the Xprize Foundation, an organization that focuses on carbon removal technologies. Together, the pair are teaming up for a new competition with the entire $100 million being offered for prize money.
The Xprize competition is in search of solutions that can “pull carbon dioxide directly from the atmosphere or oceans and lock it away permanently in an environmentally benign way.” This means the extraction methods must also have a net negative effect.
The competition will have 15 finalists, each being awarded $1 million, as well as three top winners, with $50 million to the Grand Prize victor, and $20 million and $10 million respectively for second and third place. The competition also offers 25 $250,000 scholarships for student team entrants.
