He became the richest person in the world and recorded the sending of the highest satellite in space. Elon Musk, who is gaining immense fame both on earth and in the sky, has now devised a plan to save the earth. Last month he announced an award. Musk decided to donate $ 100 million to the best carbon capture technology. Regarding who and how to obtain this prize, the XPRIZE contest rules have provided information on the contest rules.
When will it start?
The competition is organized by the XPRIZE Foundation, which since 1994 has rewarded innovations in areas such as space, ocean, health, education, energy, the environment, robots and security. As part of the competition for which Musk is going to donate, carbon dioxide from the atmosphere or the oceans will have to be eliminated and kept in a safe, at the right price. The best technology will be rewarded for this. This work will begin on Earth Day this year, which is April 22, 2021 and will last for four years until Earth Day in 2025.
What’s going to happen?
In this regard, XPRIZE released a statement from Musk in which he said, “We want to make a meaningful effort. Carbon negativity, not neutrality. It is not a theoretical competition. We want a team that creates real systems that have a big impact and at the gigaton level. Either way, the time is worth it. XPRIZE said that to win, teams will need to create technology that can extract a ton of carbon dioxide from the atmosphere every day. The team will also have to show how their innovation can extract carbon dioxide in gigatons (one billion metric tons).
What is the point?
According to XPRIZE, through this competition, the motivation is to create technology such that by 2050, a total of 10 gigatons of carbon dioxide can be removed from the atmosphere. Marius XTavoor, Executive Director of the Climate and Energy Awards for XPRIZE, told CNBC Make It: “ Expands the capacity to extract 10 billion tonnes of carbon dioxide by 2050 to prevent the world from climbing to over 1 , 5 or 2 degrees Celsius. “. He said that for this the business, the project and many different ways will be needed.
Who will receive the award?
The $ 100 million bonus will be divided into several stages. After 18 months, in August 2022, the top 15 teams will receive $ 1 million and 25 student teams will receive $ 2 lakh. With this help, the teams will be able to finance their technology. Four years ago, the first-place team will receive $ 50 million, the second-place team $ 20 million, and the third-place team will receive $ 10 million. Extravoor says, whether the technology to remove carbon dioxide is developed from the atmosphere or capture carbon from factories, it is imperative that low-carbon energy sources continue to be encouraged.