Serial entrepreneur Elon Musk has launched a carbon capture competition to faster cut back on global emissions, and the most impressive invention will receive a $50m cash prize.
We all talk a big game on Twitter, but Elon Musk is one to regularly follow up on his midnight musings.
Looking to put his $203bn fortune to good use, Elon Musk is creating a competition that will see contestants develop innovative technologies capable of pulling harmful emissions directly from the atmosphere – a process called ‘carbon capture.’
Announcing the competition this week under the guise of his X Prize charity, which focuses on technological inventions for the good of humanity, Musk is already in the process of selecting the 15 teams to take part and drawing up competition guidelines to be published in April.
These teams will be diverse and hail from different parts of the globe, each receiving a $1m grant from the man himself to get their ideas off the ground. The initiative is expected to stretch over the next four years or so, and will mandate that those taking part find ways of scaling current emissions back ‘on a gigaton level.’ This is the very definition of ‘go big or go home.’
Musk’s $100m pledge represents the charity’s biggest outlay by some way since its conception in 2002, and will see the winners receive $50m outright, the runners up $20m, and the third placed outfit $10m. According to the charity, the awards on offer amount to the ‘largest incentive prize in history,’ because who can compete with Musk when it comes to bank balance – aside from arch rival Bezos?