Carbonfuture And XPRIZE Partner To Boost Carbon Removal Scalability

Carbonfuture And XPRIZE Partner To Boost Carbon Removal Scalability - Carbon Herald

Carbonfuture, a global leader in providing permanent carbon removal solutions, is teaming up with XPRIZE, the top creator of incentive-based competitions to address global challenges. 

This partnership aims to strengthen trust in the growing carbon removal industry by establishing strict procedures for monitoring, reporting, and verification (MRV).

The $100 million XPRIZE Carbon Removal, funded by the Musk Foundation, is a worldwide competition that runs for four years to find new and effective ways to remove carbon dioxide from the atmosphere. 

The 20 finalist teams will have one year to show that their carbon dioxide removal (CDR) solutions work. 

Relevant: Carbonfuture And Octavia Carbon To Deploy World’s First Digital MRV For DAC

To win, they must take out and permanently store 1,000 tons of CO2 within a year and show they can increase their abilities to sequester massive amounts in the future.  

This verification process, which will examine all the different methods of CDR (air, oceans, land, and rocks), is the first of its kind.

This collaboration is a groundbreaking example of leaders in carbon removal innovation working together to ensure that efforts in the nascent sector are dependable and transparent through thorough MRV.

The Process Explained

Carbonfuture’s digital MRV system will allow the opportunity to gather data on how well the 20 XPRIZE Carbon Removal finalists are doing, following the strict guidelines set by XPRIZE

XPRIZE’s verification partners will use the Carbonfuture MRV+ system to look at this data and confirm the projects’ results. 

This ambitious program will support a wide range of CDR approaches, including those that focus on air, oceans, land, and rocks.

Relevant: XPRIZE Releases New 2023 Circular Carbon Market Report

Nikki Batchelor, Executive Director, XPRIZE Carbon Removal, commented on the partnership: “XPRIZE’s collaboration with Carbonfuture paves the way for innovative new carbon removal solutions to scale to meet urgent climate needs.” 

“This partnership exemplifies the rigorous MRV infrastructure needed to build trust and ensure the quality of emerging carbon removal technologies,” Batchelor said.

Hannes Junginger-Gestrich, CEO of Carbonfuture, stated: “This partnership is set to transform the CDR industry by accelerating the path to market for emerging CDR solutions.” 

“We are excited to collaborate with XPRIZE to bring precision and efficiency in MRV of carbon removal projects through our digital Trust Infrastructure.” 

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