At ConocoPhillips, we recognize that the burning of fossil fuels contributes to adverse changes in the planet's climate. If we can find a way to recycle waste emissions into valuable products, we can significantly reduce carbon dioxide (CO2) from our oil sands operations, allowing us to be part of the solution to address the global challenge of managing CO2 emissions.
That's why ConocoPhillips Canada is proud to lead an oil sands joint industry project, called the NRG COSIA Carbon XPRIZE. The initiative aims to discover novel technologies that reuse carbon dioxide (CO2) emissions from fossil fuels by turning them into valuable products. Collaborating with the XPRIZE Foundation and the U.S. power company NRG, Canada's Oil Sands Innovation Alliance (COSIA) sponsors a US$20 million incentive prize that challenges the world to reimagine CO2 emissions.
The Carbon XPRIZE launched in September 2015, with the team registration period closing in July 2016. Innovators from around the world have come forward to compete, with 47 entries from seven countries. Teams will participate in one of two tracks for testing technologies to capture CO2, one focused on capturing emissions from a natural gas power plant, and the other from a coal power plant. In October 2016, up to 15 teams in each track will be selected to test their technologies in a laboratory setting. After these tests are completed, up to five teams will be selected to move onto the final round to test their technologies under large-scale, real-world conditions. There are prize awards at each testing round, with a $20 million total prize purse on the line over the course of the four and a half year competition.
"This prize is about inspiring innovation across the globe," said Perry Berkenpas, senior vice president, Oil Sands, ConocoPhillips Canada. "Those within our industry are already making meaningful advances in reducing our footprint. The NRG COSIA Carbon XPRIZE has the potential to be a true game-changer by finding ways to recycle CO2 emissions into valuable, useable products."
ConocoPhillips Canada leads COSIA's sponsorship of the initiative, and is joined by COSIA member companies Canadian Natural, Cenovus, CNOOC Nexen Energy ULC, Devon, Imperial, Shell and Suncor.