Tesla CEO Elon Musk is putting up $100 Million for whomever can find a way to deal with global warming by removing excess carbon dioxide from the atmosphere.

The new XPrize Carbon Removal contest is Musk's way of finding feasible plans to diminish Earth's CO2 emissions in a "durable and sustainable way." Open to anyone from high school student and beyond, the contest invites a massive amount of probable candidates to brainstorm a solution to a long-standing issue. It began on Earth Day, April 22nd, and will last for four years.

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"We're looking for pragmatic solutions," Musk explained on a live Periscope discussion. "It doesn't need to be perfect, but it's gotta be something that — fundamentally — if we scaled it up, would it work? That's it."

Starting after the first year of the competition, designated judges will begin handing out up to 15 $1 Million "milestone prizes". Teams working together can receive an award that goes up to $5 million this fall, according to X Prize. The group, a nonprofit organization devoted to finding solutions to big problems is excited about the possibilities this contest has for the future. Marcius Extavour, X Prize vice president of climate and environment, elaborated in a statement.

"It should be clear to everyone in 2021 that climate change poses an existential threat, and that our CO2 emissions are a leading cause. Even as we race to get to net zero, the climate math tells us that we must also accelerate the development and deployment of solutions that can be carbon negative."

He added, "That's what this prize is all about."

In 2025, there can be an incredible reward awaiting the person or persons behind a genuine carbon-removal solution. That one grand-prize winner will receive $50 million. Runners-up will get $30 million divided between them. With the initial prizes factored in, the possibility leads to $100 million in prize money along with a long-awaited environmental breakthrough.

While four years seems long, it's a testament to how difficult this problem has been for scientists. It's for that reason the the group wanted contestants to have the time to really find a solution.

"I think this is one of those things that is going to take a while to figure out what the right solution is," Musk said. "And especially to figure out what the best economics are for CO2 removal."

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Sources: Fox Business, CBS News, Space.com