Global carbon dioxide emissions have reached 36 billion tons annually. These emissions are attributable in roughly equal parts to heavy-industry operations and fossil-fuel-based power plants, buildings (and the built environment) and transportation. The world continues to experience increases in highest recorded temperatures and days above historical average temperatures, as well as increasingly erratic weather patterns and extreme storm events. If we do not take action now, these conditions will continue and become irreversible.
Currently, the creation, expansion and growth of the hydrogen economy; the rapid increase in the electrification of transportation; and the dramatic growth in renewable energy generation and storage infrastructure are expected to reduce carbon emissions associated with homes, commercial buildings, already-electrified industrial processes and land-based transportation. However, emissions from many heavy industries, along with air and marine transportation, remain the same. A shift toward a lower-carbon economy via renewable energy sources and disruptive solutions is desperately needed in all sectors to face the climate challenge.
Even if all land-based transportation runs on 100% renewably generated electricity by 2050, in order to meet global climate goals — such as limiting the increase in global warming to no more than 2 more degrees Celsius — we would need to remove 10 to 20 billion tons of carbon dioxide from the atmosphere every year from now through the end of the 21st century. The climate challenge cannot be solved by technology alone. Important factors like economics, policy, social behavior and health will all play a role. To achieve these goals, individuals from diverse backgrounds will need to think collectively and creatively to develop solutions that have the potential to solve one of the major challenges in our lifetime.
Combined depth and breadth of value created both for firm and society. The team fully explains its structured thought process for identifying market need and societal value add.
The solution has a clear pathway to execution. The team has defined concrete next steps to implement the solution and provides ample evidence to prove the solution’s feasibility.
The solution is original, powerful, and differentiated from others. The team conveys evidence using research and demonstrates what makes its solution innovative.
Clear and compelling written and oral presentations. The team demonstrates vision, passion, and operating credibility to make the venture successful.