SAN FRANCISCO, CA - April 23, 2024 - Carbonfuture, a leading provider of high-integrity, durable carbon removal, announced a partnership with XPRIZE, the world leader in designing and operating incentive competitions to solve humanity's grand challenges, to support the integrity of the growing carbon dioxide removal industry and ensure the quality of carbon credits through rigorous monitoring, reporting, and verification (MRV).

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The $100 Million XPRIZE Carbon Removal, funded by the Musk Foundation, is a four-year global competition to incentivize breakthrough carbon removal solutions. 20 Finalist teams will be given one year to demonstrate their CDR solutions: to win, teams are challenged to remove and durably sequester 1,000 tonnes of CO2 in twelve months and demonstrate the ability to sustainably scale to gigaton levels. Verifying the performance of the 20 Finalist teams represents a first-of-a-kind verification effort across all carbon removal pathways: Air, Oceans, Land, and Rocks.

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This partnership is a unique example of leaders in CDR innovation coming together to build trust and transparency in carbon removal efforts through rigorous MRV.

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How it works

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Carbonfuture’s digital MRV system will enable the collection of performance and verification data across the 20 Finalists competing for the XPRIZE Carbon Removal, in line with the rigorous standards set by XPRIZE. XPRIZE's verification partners will access this data through the Carbonfuture MRV+ system to verify the projects. This ambitious program will support a broad range of CDR pathways across Air, Oceans, Land, and Rocks.

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Nikki Batchelor, Executive Director, XPRIZE Carbon Removal: “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.”

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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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