This inducement prize will therefore reward innovative products utilising CO2 that could significantly reduce the atmospheric emissions of CO2 when deployed at commercial scale.
The prize will induce actors in the field of CO2 utilisation to do more to enhance their processes and products so that they reduce atmospheric emissions of CO2. It aims also to mobilise and enhance private R&I investment, attract non-traditional players, create new partnerships and incentivise researchers and innovators to enhance efforts to abate emissions of anthropogenic CO2 to atmosphere.
The specific rules of the contest will be published in 2016 by the European Commission, which will directly launch and manage the contest and award the prize based on the judgement of independent experts.
Indicative prize amount: EUR 1.5 million.
Preventing dangerous climate change is a key priority for the European Union. Europe is working hard to cut its greenhouse gas emissions substantially while encouraging other nations and regions to do likewise. One way to help these efforts is to make use of the CO2 by integrating it in consumer products. CO2 re-use technologies however are still facing a number of technical, commercial and/or financial barriers.
The prize winner will be the entrant that has developed a product demonstrating, over the duration of the contest, the most significant and measurable improvements in the mass of CO2 utilised in it while overcoming technical, commercial and/or financial barriers. Efforts shall be replicable and scalable in order that the processes and products can be rolled out in the future. Clear commercialisation plans that are key to assuring medium-term benefits of the activities undertaken towards the prize will also have to be presented.
It is expected that the prize will accelerate innovation in CO2 utilisation technologies, also in SMEs; facilitate discovering the real potential of CO2 utilisation to contribute to climate mitigation; increase transparency about technology readiness, barriers, costs, environmental performance and innovation needs; increase leverage of private finance for innovation; provide with new business models and value chains in the CO2 utilisation sector.