ClimeFi and Musk’s XPRIZE Launch Global 1000 CDR Challenge at COP29

PVTIME – ClimeFi, in collaboration with XPRIZE, recently announced the launch of the Global 1000 CDR Challenge at COP29 in Baku, Azerbaijan. This initiative marks a crucial milestone in the development of scalable carbon removal solutions to combat climate change.

The Global 1000 CDR Challenge calls on the Forbes Global 1000 companies – the world’s largest corporations – to make a significant commitment: purchasing at least 1,000 tonnes of permanent carbon dioxide removal (CDR) in 2025.

The CDR Projects initiative has been established with the objective of recognising the achievements of companies in the field of permanent carbon removal. If achieved, this collective goal will generate more than one million tonnes of new CDR demand globally in just one year, creating the financial momentum needed to accelerate the development of permanent carbon removals and the critical funding stream needed to expand the pipeline of CDR projects.

XPRIZE has been established with the objective of addressing the most significant challenge facing humanity: combating climate change and rebalancing the planet’s carbon cycle. The organisation was created with a $100 million contribution from Elon Musk and the Musk Foundation. The X in XPRIZE represents Musk’s highest aspirations in this field, as evidenced by the X-space, the Tesla X model, and Twitter, which was renamed X after the acquisition.