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DRAFT FOR PUBLIC REVIEW & COMMENT 35 Overview 36 Climate science is clear that in order to avoid the worst effects of climate change we need to 37 dramatically reduce carbon dioxide (CO2) emissions as aggressively as possible, now. It has 38 also become clear that net zero is not enough. We also need negative emissions: innovation 39 that goes beyond limiting CO2 emissions, but actually removes and sequesters CO2 that is 40 already in the air and oceans. In particular, the world's leading climate scientists estimate that 41 humanity must remove 10 gigatonnes of carbon dioxide per year by 2050 in order to reach the 42 Paris Agreement goal of limiting the Earth’s temperature rise to no more than 1.5 ̊(C) of pre- 43 industrial levels, or even 2 ̊(C). If humanity continues on a business-as-usual path, the global 44 average temperature could increase 6 ̊(C) by the year 2100. One prize will not “solve” climate 45 change. But it can radically increase the level of innovation, demonstration, investment, and 46 rigor of a variety of carbon removal solutions in a way that accelerates the rate of scale-up and 47 deployment of the best solutions. 48 XPRIZE Carbon Removal is a four-year global competition that challenges innovators from 49 anywhere to create and demonstrate solutions that accomplish CO2 removal (”carbon 50 removal”) -- pulling CO2 directly from the atmosphere or the oceans and locking it away in a 51 durable and sustainable way that can scale massively to gigatonne levels. We have entered a 52 key decade of climate action. In order to reach the long-term goal of 10 Gt/y by 2050, XPRIZE 53 Carbon Removal aims to incentivize solutions whose combined capacity at scale can reach 2.5 54 Gt/y by 2030. There are a range of scientific estimates for carbon removal targets, each of 55 which depend on a different set of assumptions about how quickly we can reduce our current 56 CO2 emissions. Scientific debate about the right target will likely continue and evolve in time, 57 but one thing is clear: humanity will need gigatonne scale carbon removal, and we are nowhere 58 near there today. The field needs a nonlinear intervention to get there. 59 To win the prize teams must demonstrate carbon removal at the kt/y scale, model costs 60 at the Mt/y scale, and make a case for a sustainable path to Gt/y scale. The team with 61 the most scalable and lowest-cost carbon removal technology will win. 62 Any carbon negative solution is eligible, whether related to air, oceans, land, or rocks, or 63 any other method that can durably and reliably remove and sequester CO2. Version 1.0, April 22, 2021. Copyright XPRIZE Foundation 4PDF Image | XPCR Draft
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