Introduction to prize

XPrize has launched a prize of $100 million_ the largest incentive prize in history_ to reward innovators and teams’ innovation to develop and scale efficient carbon removal solutions to combat climate change. Moreover, this is a four-year competition for the development of solutions for removing carbon dioxide from the earth’s atmosphere and invites innovators, academics, scientists and so on from any part of the world to create and demonstrate their solutions to tackle humanity’s biggest threat: climate change.

So, team registration for the prize has opened on April 22, 2021 (World Earth Day) and the competition will continue for four years until April 22^nd, 2025 (Earth Day).

Details

Deadline: Varies depending on competition phases (see official link)

Prize funded by: Elon Musk and Musk Foundation

Number of prize winners: Up to 20 to whom the award will be distributed as follows:

• Grand Prize ($80 Million total) after four years
• Single prize winner: 1 ($50 million)
• Runners-up: 3 ($30 million)
• Milestones Prize: $15 million total after one year
• Student prize: 5 $Million total in the fall of 2021
• Total prize value: 100,000,000 USD

Competition period: 4 years

Who are eligible to participate in this competition?

• This prize is open to innovators and creative teams all around the world.
• Teams can be made up of university groups, high school students, enterprises and innovators, small to midsize companies, community-based organizations, families or individuals.
• Any carbon-negative solution is eligible: nature-based, direct air capture, oceans, mineralization, or anything else that obtains net negative emissions, diminishes CO2 lastingly, and shows a sustainable path to achieving low cost at a gigatonne scale.
• Teams may submit entries across natural, engineered and hybrid solutions.

How to join the competition?

Eligible participants can form teams and register online to join the contest and compete for prizes. Furthermore, they can create an account below and make teams of any number of participants with the permission to add team members any time throughout the competition.

At the link is the platform through which teams can pay the registration fee (250$) and submit mandatory documents. So, participants need to maintain their accounts up-to-date.

Register Now

What should you submit in your application?

• To win the grand prize, teams must present a working solution of at least 1000 tons/year scale of CO2 removal per year; model their costs at a scale of 1 million tons per year; and present a pan for sustainably reaching gigatonnes per year scale in future.
• In the initial stage of the competition, participating teams need to present the key components of their solutions for the obtainment of the competition’s target.

For more information about the prize and competition especially the timeline for submission of solutions at various stages of the competition, it is necessary for you to go to the Official Link.

Read the Competition Guidelines and stay tuned for updates on the competition guidelines.