EcoEngineers (Eco), a consulting, auditing, and advisory firm with an exclusive focus on the energy transition, announced that it is partnering with XPRIZE to evaluate finalists vying for the $100 million XPRIZE Carbon Removal competition that incentivizes innovation in carbon dioxide removal (CDR). Eco will conduct performance verifications to establish how effectively each project removes and durably stores carbon dioxide.
XPRIZE Carbon Removal aims to tackle humanity’s biggest threat – fighting climate change by rebalancing Earth’s carbon cycle. Upon its launch in 2021, the $100 million competition was the largest incentive prize in history. The nonprofit has set a challenging goal for its competitors: each project must demonstrate the removal of at least 1,000 tonnes of carbon dioxide within the specified project period. Eco will evaluate eight of the 20 groundbreaking projects in this year’s competition.
“We are honored to partner with XPRIZE in their ambitious efforts to combat climate change,” said Shashi Menon, CEO of Eco. “We look forward to applying our skills to help identify and promote the most promising and impactful innovations in carbon removal.”
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Eco will leverage its extensive expertise in life-cycle analysis (LCA), carbon removal technologies, and greenhouse gas monitoring, reporting, and verification (MRV) to conduct a thorough evaluation of each project. This process is vital for confirming that the stated environmental benefits are quantifiable and substantiated thereby guiding future investments and policies in environmental technologies.
Eco will examine a diverse array of carbon removal technologies and approaches in various sectors such as energy, manufacturing, and agriculture. Each project represents a potential breakthrough in its field, and Eco’s evaluations will play a key role in determining which solutions can scale up to have a global impact by ensuring that the innovative solutions proposed by the competitors are both effective and verifiable.
The outcomes of these evaluations are eagerly anticipated, as they will highlight the most effective and scalable solutions for CDR. The insights gained from Eco’s assessments will also contribute to the broader environmental sector, offering valuable insights that can influence future environmental strategies and policies.
Eco’s involvement in XPRIZE represents a significant step forward in its mission to foster sustainable development and mitigate climate change on a global scale. By ensuring the accuracy and reliability of carbon removal claims, Eco is helping to pave the way for a more sustainable future.
SOURCE: Businesswire