XPRIZE Foundation Launches Effort to Tackle Carbon Dioxide Emissions

XPRIZE Foundation Launches Effort to Tackle Carbon Dioxide Emissions

The has announced the launch of the , a $20 million competition aimed at mitigating carbon dioxide emissions from fossil fuels.

Registered teams will be tasked with developing breakthrough technologies that convert CO2 into one or more products with the highest net value. Co-sponsored by NRG and COSIA, the four-and-a-half-year competition will include two tracks, with the new technologies tested at either a coal power plant or a natural gas facility.

According to the , 82 percent of the world's energy supply is derived from fossil fuels. While cleaner energy sources are growing in popularity, overall energy demand is expected to grow 37 percent by 2040, making immediate carbon mitigation solutions even more urgent. According to XPRIZE, few challenges are greater or more critical than ensuring access to clean, affordable, and abundant energy. As CO2 emissions from fossil fuels continue to be a leading contributor to climate change, the Carbon XPRIZE will address global CO2 emissions by incentivizing solutions to convert CO2 from a liability into an asset.

"We are living in an age of unprecedented technological progress and prosperity driven by energy," said XPRIZE chair and CEO Peter Diamandis. "Yet, most of this energy comes from burning fossil fuels, a leading contributor to climate change. We are embarking on one urgent step in XPRIZE’s energy roadmap of incentivizing a clean and positive energy future that addresses a suite of grand challenges."

"." XPRIZE Press Release 09/29/2015.