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Elon Musk provided some updates to his pledge of $100 million in prize money to inventors that can remove carbon dioxide from the atmosphere or ocean. Musk announced the update and more details about the competition on Earth Day.

Musk laid out the rules for the XPRIZE Carbon Removal competition. Participants have to prove they can pull C02 directly from the atmosphere and sequester it both sustainably and durably.

“Both cost and scalability need to be addressed. Is it going to be enough carbon to matter, and can we afford it as a civilization? Those are two things that matter,” Musk said on a video on the XPRIZE YouTube account.

Source: XPrize/YouTube

“To win the prize teams must demonstrate CO2 removal at the 1000 tonne per year scale, model costs at the million ton per year (megatonne) scale, and present a plan to sustainably reach gigatonne per year scale in future. In the first phase of the competition, teams must demonstrate the key component of their carbon removal solution, at a minimum,” the XPrize website shared under “How to Win.”

The contest will last four years, with the end of the competition on Earth Day, 2025. The grand prize winner will receive $50 million, with up to three runners up receiving $30 million distributed among them.

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