Researchers and scientists seek solutions as climate crisis persistently looms over the planet’s future like a black cloud. Now, entrepreneurs have also actively joined the search for an effective solution. Elon Musk is among the many entrepreneurs concerned about the tomorrow of Earth.
Carbon emissions are one of the major factors contributing to the climate crisis. As carbon emissions increase, the planet gets warmer. To decrease the time spent looking for a solution, the search involves an incentive worth $100 million.
XPrize, a non-profit organisation, announced a carbon removal competition with a grand prize of $100 million. Supported by Musk’s charitable foundation, the competition aims to accelerate breakthrough solutions for removing CO2 through incentive motivation. However, it also plans to analyse and publish data on the performance of teams involved in developing a solution.
Over 1300 groups worldwide – companies and research teams – are looking for a solution to remove CO2 from the atmosphere and water of the planet and lock it away permanently. These teams have been eyeing a spot in the top 20 of the competition of the XPrize carbon removal competition, backed by Musk.
The search for a solution is almost near as the nonprofit foundation XPrize announced the names of the 20 finalists who are closer to $100 million. The winner of the competition will walk away with $50 million, while the runner-ups split an amount of $30 million. The remaining $20 million was already used in earlier stages, with awards going to student teams and milestone winners.
The top 20 groups chosen include Heirloom, Captura, and Vaulted Deep. These firms have managed to attract over $45 million from investors. The foundation declared that the winner of the competition will be announced in April 2025. Firms and organisations from India, Kenya and China are among the top contenders. Most firms in the race are desperately looking for new investors to expand their operations.
The wheels for the competition were set in motion almost three years ago. That was a time when the United States had no policies in support of carbon removal technologies. With the inception of the infrastructure law in 2021 and the Inflation Reduction Act, there has been a call to develop carbon capture facilities and other technologies pertaining to carbon removal.