The X PRIZE Carbon Removal is a $100 million global competition aimed at tackling climate change and rebalancing Earth's carbon cycle. Funded by Elon Musk and the Musk Foundation, this competition is the largest incentive prize in history. The competition seeks to incentivize the development of carbon removal solutions that can achieve net negative emissions, including nature-based, direct air capture, ocean-based, mineralization, and other approaches. The goal is to develop efficient solutions that can collectively achieve the 10-gigaton-per-year carbon removal target by 2050.
The X PRIZE Carbon Removal competition will run for four years, from April 22, 2021 (Earth Day) to Earth Day 2025. The grand prize winner must demonstrate that their innovation is capable of removing 1,000 metric tons of carbon dioxide from the atmosphere or oceans and storing it in a safe, cost-effective way.
While there isn't a specific X PRIZE focused solely on ocean-based carbon removal, ocean-based solutions are included in the broader X PRIZE Carbon Removal competition. Ocean-based carbon removal technologies have significant potential due to the vast size of the oceans and their ability to absorb large amounts of carbon dioxide. In this article, we introduce some X PRIZE Carbon Removal companies who specialize in ocean-based carbon removal technology.
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