The innovation challenge is to catalyze an acceleration in the pace of carbon dioxide capture technological development and deployment. "In order to get to that capacity (10 billion tons of removal per year), we are likely going to need hundreds of different companies or projects, using several different methods of removing. "The world needs to develop the capacity to remove up to 10 billion tons of by around the year 2050 to avoid global warming of more than 1.5 or 2 ," Marcius Extavour, the executive director of climate, energy and environment prizes for XPRIZE tells CNBC Make It. Ultimately, the goal of the contest is to inspire the innovation of technology that can be scaled up to collectively remove 10 gigatons of carbon dioxide per year by 2050, XPRIZE says. aircraft carriers or a sheet of ice placed on top of Central Park in Manhattan stacked 1,119 feet high. NASA has a couple of explanations that help visualize just how large a gigaton is: One gigaton is equal to 10,000 fully-loaded U.S. The winning team will also have to be able to demonstrate how their technological innovation can be scaled up to be able to eventually remove gigatons of carbon dioxide, XPRIZE says.Ī gigaton is a unit of measuring mass which is equal to one billion metric tons, or 2.2 trillion pounds. To win, teams must create technology that can remove one ton (2000 pounds) of carbon dioxide out of the atmosphere per day. Teams of innovators from all over the globe can participate in the XPRIZE contest. "This is not a theoretical competition we want teams that will build real systems that can make a measurable impact and scale to a gigaton level. Carbon negativity, not neutrality," said Musk, in a written statement released Monday by XPRIZE. "We want to make a truly meaningful impact. Musk provided the $100 million prize purse. It will run for four years, launching on Ap(Earth Day) and run through Earth Day 2025, XPRIZE says. The innovation prize will be awarded for the best technology created for removing carbon dioxide directly from the atmosphere or oceans and store that carbon in a safe, cost-effective way. The XPRIZE has been running innovation prizes since 1994 in the areas of space, oceans, learning, health, energy, environment, transportation, safety and robotics. On Monday, the nonprofit organization which is running the contest, the XPRIZE Foundation, started to fill in some of those blanks.
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