XPRIZE Awards $100 Million to Scale Carbon Removal Solutions
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📰 The quick summary: Major carbon removal projects receive $100 million in XPRIZE funding to accelerate solutions that can help remove billions of tonnes of CO2 from the atmosphere.
📈 One key stat: Mati Carbon expanded operations to remove over 3,500 tons of verifiable carbon while increasing farmer incomes by more than $1 million in 2024.
💬 One key quote: David Babson, executive vice president at XPRIZE called this announcement “a monumental milestone for the climate movement at large.”
1️⃣ The big picture: The XPRIZE Carbon Removal competition has awarded its $100 million prize fund to several innovative companies tackling climate change. Mati Carbon won the $50 million grand prize for their enhanced rock weathering technology that removes CO2 while helping farmers. Three runners-up – NetZero, Vaulted Deep, and UNDO Carbon – received awards of $15 million, $8 million, and $5 million respectively for their work in biochar, underground storage, and rock weathering. Two additional companies received $1 million each for ocean alkalinity enhancement and direct air capture projects. The competition aimed to accelerate the development of gigaton-scale carbon removal solutions that can make a meaningful impact on climate change.
2️⃣ Why is this good news: Multiple proven carbon removal technologies are now ready to scale up to help address climate change. These solutions not only remove CO2 but provide additional benefits – like improving soil health and increasing farmer incomes in developing nations. The prize money enables rapid expansion of these technologies, potentially removing billions of tons of CO2 annually. The competition has also helped establish a growing $3.9 billion market for high-quality carbon removal credits, creating economic incentives for further development.
3️⃣ What’s next: Prize winners plan to use their funding to dramatically scale up operations globally. Mati Carbon aims to expand across India, Africa and Southeast Asia to serve over 100 million farmers. NetZero plans to deploy hundreds of biochar production systems while investing in R&D. The emerging carbon removal market shows strong potential for continued growth as more companies seek high-quality carbon credits.
Read the full story here: Carbon Herald – Meet The Big Winners Of The XPRIZE Carbon Removal Competition
