Musk Promises $100 Million for Best Technology Against Climate Change

The founder of Tesla and SpaceX, Elon Musk, has invested $100 million in the X Prize Foundation. This was reported by Bloomberg.

The funds will be directed to participants in a competition aimed at finding the best technology solutions for addressing global warming, specifically the problem of carbon dioxide capture. Submissions will open on Earth Day, April 22.

The names of the top three winners will be announced on the same day in 2025. The prize will amount to $50 million for first place, $20 million for second place, and $10 million for third place.

Over the course of four years, participants in the competition must find practical methods for extracting carbon dioxide from the atmosphere and water, as well as its isolation from the surrounding environment. According to the program, the created method should allow for the removal of one ton of carbon dioxide per day, potentially scaling up to gigatons. Thus, the technology could assist in combating global warming.

“We are looking for not just theoretical, but real solutions that can help all of humanity. Carbon dioxide poses a threat to the future existence of our civilization, so we need teams that can not only invent but also create real systems that can help reduce carbon dioxide levels. Time is of the essence in this endeavor,” Musk stated.

Additionally, 25 student scholarships will be established, each worth $250,000. Selections will occur over the next 18 months, and more detailed information about the competition will be made public on April 22 of this year.