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Elon Musk’s $100 Million Prize Is for Removing Carbon Dioxide From the Air

The competition will be managed by Xprize, with three winners named in 2025 to share the prize money

Billionaire Elon Musk Receives Axel Springer Award
Photographer: Liesa Johannssen-Koppitz/Bloomberg

Elon Musk became the richest person in the world by dramatically improving electric vehicles, pushing forward a technology that reduces carbon-dioxide emissions and slows global warming. Now he’s putting $100 million of that fortune into prizes for technologies to remove carbon dioxide from the atmosphere itself.

The carbon-removal contest will be administered by the Xprize Foundation, a nonprofit group that’s held competitions to spur technology development to improve space travel, food and health. The new prize, the largest of its kind, will be backed by a donation from the Musk Foundation, a nonprofit founded by the chief executive officer of Tesla Inc. and Space Exploration Technologies Corp.