There is no one “right” way companies can practice CSR; many corporate CSR initiatives strive to positively contribute to the public, the economy or the environment. In today’s socially conscious environment, Company’s image is set by their valid share of CSR.
Elon Musk has proven this yet again by offering $100 million- the richest incentive prize in the history, according to X Prize officials.
Elon Musk is in need of your ideas about how to fight climate change and is willing to pay a huge sum for its implementation.
This four-year contest, announced Monday morning, aims to nurture the development of a technology that pulls sufficient heat-trapping carbon dioxide out of our well-polluted atmosphere and oceans so that we are able to meet our climate change reduction targets clearly.
The idea is to lock the trapped pollutants permanently away from our vicinity.The goal is to achieve Carbon negativity and not just Carbon neutrality.
“We want to make a truly meaningful impact. Carbon negativity, not neutrality,” Musk said in a statement released by the X Prize Foundation. “This is not a theoretical competition; we want teams that will build real systems that can make a measurable impact and scale to a gigaton level. Whatever it takes. Time is of the essence.”
Following is the breakup of money disbursal for the same:
- The first big chunk of the $100 million will be doled out in October 2022.
- $1 million each to the top 15 teams, as decided by a panel of judge.
- Around the same time, 25 scholarships worth $200,000 apiece will be awarded to student teams in the competition, X Prize officials said.
- $50 million for First place, second and third place will get $20 million and $10 million, respectively.
To qualify for victory, solutions must be able to extract one ton of CO2 per day, and be viable in a scaled, validated model at time of presentation, with the ability to scale it to “gigaton levels” in commercially viable ways in the future.
The Carbon removal technology is an expensive and exciting idea that’s still unproven, with options ranging from funding reforestation projects to physically pulling the greenhouse gas out of the air. But it has become fashionable as the world heats up.
The technology has to serve its purpose for saving the Earth. Rationally, Technology and innovation seems to be the one thing that can save as well as destroy the Earth.