Elon Musk Giving Out A Total Of $US100 million To Anyone Who Can Fight Climate Change


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Introduction

Climate change is a big problem, very big. We have only just hit the tip of the iceberg to the effects of climate change, and look at what it has done! Ecosystems destroyed, chaotic weather, and extreme natural disasters, including flooding of islands. If you are not aware of climate change, you are sleeping under a rock. It is all over the news and there is so much evidence behind it that it is theoretically impossible to rebut with strong evidence. According to one study, 97% of scientists believe climate change is a result of human activity. 97%! That is how certain we are. We know climate change is a problem - a big problem - so we need to fix it. One of the leading causes of climate change is the dramatic increase of carbon compounds from human activity to the atmosphere, trapping much of the heat that enters the Earth. If we can reduce the amount we emit, we can slow down the effect of climate change, and this is where Elon Musk comes in.

The XPRIZE Carbon Removal Competition

XPRIZE is a non-profit organisation that aims to promote technological development for the best of humanity through engaging and challenging competitions. One of the many contests within XPRIZE is the XPRIZE Carbon Removal contest. As the name suggests, this competition looks at creating technological solutions in removing carbon compounds from the atmosphere that greatly contribute to climate change. If we manage to find an effective technology to remove carbon from the atmosphere, that would be life-changing! We would be leaping towards a resolution to climate change and a more sustainable, healthier and safe world for all.

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With Elon Musk, he has funded XPRIZE Carbon Removal alongside Musk Foundation with a reward pool of $US100 million. That is amazing! However, do not think that you can easily get this reward. They did not make it $US100 million for anything. This money incentive is the largest incentive prize in history, a great milestone to creating a more environmentally-friendly world.

How Does The Competition Work?

The International Panel on Climate Change (IPCC) estimates that approximately 10 gigatonnes of net removal of carbon dioxide are required every year until 2050 to have the global temperature rise sit under 1.5°C or 2°C. If we do not change anything that we are doing at the moment, the global temperature rise could be 6°C by 2100. That is devastating! Right now we have a global temperature rise of just over 1°C, so think how much worse it would be.

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Now, how does the competition work? In simple terms, people sign up for the competition, they try to make a solution to the competition, and rewards are given throughout and at the end of the competition based on the progress, potential and effectiveness the participating technologies have. The competition is expected to last 4 years, and at the end of this period will the winners be decided and most likely adopted for the battle against climate change. 

The solution to the competition must show carbon dioxide removal at a scale of 1000 tonnes per year, model costs at 1 million tonnes (megatonne) per year, and a plan to sustainably get 1 billion tonnes (gigatonne) per year sometime in the future. These solutions can include those already known, such as ocean algae and trees, or some that are not known, as long as they meet the aim of the competition.

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The rewards come in three types: grand prize, milestone prizes, and student awards. 

The grand prize is the biggest reward of the competition, given after 4 years, which is the end of the competition. The total amount allocated for this is $US80 million. The Grand Prize Winner receives a whopping $US50 million, while the remaining $US30 million is split amongst the 3 runners up.

Milestone prizes are those which are given after a year has passed for the competition. Judges will review all submissions made at the time of deciding and up to 15 Milestone Prizes awards will be given worth $US1 million each, totalling a pool of $US15 million. To the judges' decision, these awards can be given on a conditional basis from the team's commitment to develop and excel their solutions for a shot at the Grand Prize.

Student prizes will be given to student teams in autumn (North Hemisphere: September - November) of 2021. The rewards given can be used to fund participation in the competition or the development of supporting technologies. There are two areas of focus in these awards: College & University Carbon Removal Demonstrations (up to $US3 million) and Measurement, Reporting, and Verification Technologies (up to $US2 million).

Want To Sign Up For The Competition?

You may be thrilled and want to help fight against climate change, drooling at the $US100 million prize pool done, and perhaps at the notorious Elon Musk, famous for Tesla Motors and his contributions to crypto (especially DOGE!). Well, good news! Anyone can join!

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Team registration opens on Earth Day (April 22) this year as the full competition is announced, which has already passed, so you can now register if you want to join in with the fun! The competition will go for 4 years, as mentioned earlier, ending on Earth Day 2025. The teams can come from anywhere in the world and mostly everyone, including high-school students, families, and small-to-midsize companies.

To begin registering, you first need to create an account on the Prize Operations Platform (POP).

Next, create your desired team on POP.

After that, completed "Extended Registration & Fee Payment" in the "Activities" tab. The registration fee of needed to be paid costs $US250. This fee ensures that the teams who enter the competition are serious about their decision, not mucking around with matters. The fees collected will be used to support the XPRIZE Alumni Network.

Now sign the "Competitor Agreement" in the "Activities" tab, and you are done, ready to get out there and make a difference in this world!

Conclusion

This competition is a magnificent way to fight back against the ever-rising and devastating issue of climate change. What fascinates me is the greatness and generosity this competition shows, essentially run by the much loved Elon Musk who I can safely say has a good place within the crypto community's heart. I am very excited for the future of this competition, and it will surely be a great leap towards an effective solution to climate change, which we seldom see with politicians controlled by fossil fuel companies. If you want to find the fine details of this competition, you can look at the competition documentation here. You can also subscribe to the XPRIZE Carbon Removal competition to stay up to date with the latest competition news, announcements and content. Click here, then scroll down to the bottom of the website, find the "SUBSCRIBE NOW TO STAY UPDATED" section, and input your desired email if you wish to subscribe to this wonderful competition.

Wish all the best for this competition and for any daring people out there who want to give it a go, striving to make the world a better place!

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Vendata
Vendata

I have just started getting into crypto and want to help others in the journey as I progress. I will give my advice, thoughts and opinions relating to different concepts of the best of my ability. No content promises to be 100% true and is for education.


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