The latest X-Prize, announced this week, offers $20 million to the team that can turn carbon into a sellable, useful and profitable commodity.
The X-Prize in an international competition that accelerates breakthrough innovation relating to the grand challenges of our time. The challenges attract the world’s best thinkers, designers, engineers, scientists and business people, to overcome problems in energy and environment, exploration, life sciences, learning and global development.
The Carbon X-Prize invites teams to ‘reimagine CO₂’. Instead of seeing these emissions as waste, carbon should be viewed as valuable and abundant material input, and an economic opportunity in waiting.
‘We’re looking for new, groundbreaking, transformational approaches to converting CO₂ emissions into valuable products’, explains Paul Bunje, Principal and Senior Scientist, Energy & Environment. The criteria to win the $20 million purse are fairly straightforward: “the winning team will convert the most CO₂ emissions into the highest value products”, however “teams will have to make the business case for their approach as well as minimise their use of energy, water, land, and other inputs that have consequences for the environment.”
Success in this challenge would demonstrate that instead of ‘doing less bad’ by simply capturing and storing carbon emissions, it is possible to have a positive impact and create multiple economic and environmental benefits through new resource loops.
Source: The Next $20 Million XPrize Will Go to the Machine that Turns Carbon Into Cash
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