WEBVTT - Climate Change is Solvable 0:00:15.076 --> 0:00:21.676 Pushkin. I'm Mave Higgins, and this is Solvable Interviews with 0:00:21.756 --> 0:00:25.156 the world's most innovative thinkers working to solve the world's 0:00:25.196 --> 0:00:30.276 biggest problems. My Solvable is to balance the carbon cycle 0:00:30.396 --> 0:00:35.916 and find climate change through incentivized prizes and innovation. Now, 0:00:35.956 --> 0:00:39.996 we told you that Solvable likes to tackle the biggest problems, 0:00:39.996 --> 0:00:43.716 and this one may even be the biggest climate change 0:00:43.716 --> 0:00:48.836 effects and exacerbates many of the other complex problems humankind 0:00:49.116 --> 0:00:52.076 is grappling with. We have heard from people working to 0:00:52.196 --> 0:00:56.116 reduce our use of fossil fuels, to prevent food waste, 0:00:56.156 --> 0:01:00.756 and to resolve conflicts that arise from climate change related shortages. 0:01:01.476 --> 0:01:04.956 This episode, our guest is trying to fix climate change 0:01:04.996 --> 0:01:08.716 head on. She is a neute and sorry, the CEO 0:01:08.836 --> 0:01:13.676 of the X Prize Foundation, and she's an astronaut. Throw 0:01:13.716 --> 0:01:16.756 your mind back to science class and univercall that carbon 0:01:16.756 --> 0:01:21.996 dioxide enters the atmosphere through burning fossil fuels, solid waste, trees, 0:01:22.036 --> 0:01:26.236 and other biological materials. Some of that cootwo is absorbed 0:01:26.236 --> 0:01:29.996 by plants as part of the biological carbon cycle, but 0:01:30.596 --> 0:01:33.676 we're pumping out so much of it. Those natural cycles 0:01:33.996 --> 0:01:36.996 they can cope. That means there's too much CO two 0:01:37.236 --> 0:01:41.156 and other greenhouse gases left in the atmosphere, and this 0:01:41.236 --> 0:01:44.556 messes with the temperature here on Earth, making it hotter 0:01:44.956 --> 0:01:50.116 and making our weather cycles increasingly extreme and unpredictable, with 0:01:50.236 --> 0:01:53.836 knock on effect throughout the ecosystem for all life on Earth. 0:01:54.756 --> 0:01:58.396 The Global Carbon Project reported that carbon emissions reached an 0:01:58.396 --> 0:02:01.876 all time high in twenty eighteen, a terrible new record. 0:02:02.156 --> 0:02:05.036 So we're in the middle of an extinction event. Forests 0:02:05.036 --> 0:02:07.956 are on fire, the seas are dying. There's plastic in 0:02:07.996 --> 0:02:12.676 our blood. But many people are working to prevent climate 0:02:12.796 --> 0:02:16.316 chaos from getting even worse. There are some bright spots 0:02:16.396 --> 0:02:20.476 with huge growth in renewables and other low carbon technologies 0:02:20.596 --> 0:02:24.436 leading the charge. And remember this is solvable. I want 0:02:24.436 --> 0:02:27.076 to read you a quote from the Swedish climate activist 0:02:27.156 --> 0:02:31.356 Greta Thunberg. Here's what she says. It is still not 0:02:31.516 --> 0:02:34.836 too late to act. It will take a far reaching vision, 0:02:34.996 --> 0:02:38.596 it will take courage, It will take fierce, fierce determination 0:02:38.676 --> 0:02:41.676 to act now, to lay the foundations where we may 0:02:41.716 --> 0:02:44.516 not know all the details about how to shape the ceiling. 0:02:45.396 --> 0:02:47.676 And our guest today is one of those women who 0:02:47.676 --> 0:02:51.196 are laying down the foundations for a different, better future. 0:02:52.276 --> 0:02:54.996 Anuche Ansari is an engineer and she was the first 0:02:55.036 --> 0:02:59.156 Iranian ever to go into space. Her organization, the X 0:02:59.196 --> 0:03:03.196 Prize Foundation, runs competitions with huge prizes given out to 0:03:03.236 --> 0:03:07.676 the best problem solving ideas. Previously, they've run competitions to 0:03:07.716 --> 0:03:10.996 empower children, to teach themselves to read and write, to 0:03:11.196 --> 0:03:14.836 develop technology to create water from air, and to create 0:03:14.916 --> 0:03:18.956 monitors that can check ocean water chemistry down to the 0:03:18.956 --> 0:03:23.116 deepest depths. Now, basically anybody can enter these competitions. A 0:03:23.196 --> 0:03:26.756 winning team could be made up of scientists, but the 0:03:26.796 --> 0:03:29.876 prize isn't limited to scientists, so it could be awarded 0:03:29.916 --> 0:03:34.916 to students, teachers, librarians, industrial workers, anybody who comes up 0:03:34.916 --> 0:03:38.596 with the winning solution. The prize and Nusche speaks about 0:03:38.636 --> 0:03:42.436 in this episode is the n ORG Coca Carbon X Prize. 0:03:42.996 --> 0:03:46.996 It seems to develop CO two conversion technologies ultimately to 0:03:47.076 --> 0:03:50.156 be able to remove carbon from the atmosphere and reduce 0:03:50.276 --> 0:03:53.796 climate change. Teams will be judged on how much CO 0:03:54.036 --> 0:03:57.076 two they're able to convert and how much this will cost. 0:03:57.556 --> 0:04:01.396 So instead of backing the development of one potential solution, 0:04:01.436 --> 0:04:04.156 which may or may not work. Anusche believes that the 0:04:04.236 --> 0:04:06.996 competition will mean lots of teams turning their attention to 0:04:07.036 --> 0:04:10.876 the problem, getting us to the ants the faster. So 0:04:11.116 --> 0:04:16.036 here she is in conversation with ann Appabam, So what 0:04:16.156 --> 0:04:19.396 is it about this issue that made you want to 0:04:19.396 --> 0:04:22.516 tackle it? How did you come to the idea of 0:04:23.076 --> 0:04:27.156 giving prices for the solutions to particular issues. The world 0:04:27.236 --> 0:04:31.676 is full of big problems that sometimes they're so big 0:04:31.716 --> 0:04:34.996 that we just turn our heads away from it and 0:04:35.236 --> 0:04:37.916 don't want to deal with it. At the same time, 0:04:38.276 --> 0:04:42.836 as an engineer, I know how technology has advanced rapidly, 0:04:42.956 --> 0:04:47.156 especially in the recent years, and how solutions are within reach. 0:04:47.636 --> 0:04:51.156 But without some effort in bringing these solutions together and 0:04:51.236 --> 0:04:54.916 to market, we won't be able to solve these problems. 0:04:55.236 --> 0:04:58.636 What got me really interested in X price was the 0:04:58.636 --> 0:05:03.556 fact that true incentivized competition we can really raise awareness 0:05:03.596 --> 0:05:07.956 about the problem, the magnitude of the problem, the steps 0:05:07.996 --> 0:05:11.076 to solve those p problems, and also at the same 0:05:11.116 --> 0:05:15.356 time the very special effect of incentivized competition, which is 0:05:15.676 --> 0:05:20.276 a multiplier factor. For example, my family and I became 0:05:20.316 --> 0:05:23.956 involved with X Price Foundation with the first price which 0:05:23.996 --> 0:05:28.796 was around opening up space to private sector, and the 0:05:28.956 --> 0:05:33.156 price purse was ten million dollars, which we sponsored. But 0:05:33.276 --> 0:05:36.556 this ten million dollars brought in hundred million dollars of 0:05:36.676 --> 0:05:39.676 investment through all the teams. There were twenty six teams 0:05:39.716 --> 0:05:44.356 from eleven countries that entered to compete, and this one 0:05:44.476 --> 0:05:48.996 hundred million dollars of investment brought about a lot of innovation, 0:05:49.716 --> 0:05:51.916 some of which some of these teams that didn't even 0:05:51.996 --> 0:05:56.116 win turn out to be valid companies that are sold 0:05:56.316 --> 0:06:00.076 in place today even years after the competition. And not 0:06:00.196 --> 0:06:03.596 only that, we were able through the awareness and education 0:06:03.716 --> 0:06:07.876 that we did with policy makers with the market create 0:06:08.196 --> 0:06:12.796 new policy is that actually helped create a new marketplace 0:06:12.876 --> 0:06:17.076 that estimated to be around ten billion plus some people 0:06:17.116 --> 0:06:20.236 say it's going to get two hundred billion plus very soon. 0:06:20.796 --> 0:06:23.916 And we created this whole economy that didn't exist before. 0:06:24.156 --> 0:06:27.276 And the same thing can be done for all the 0:06:27.316 --> 0:06:32.036 different problems that we have in the world, including the STGs. 0:06:32.076 --> 0:06:34.836 And this is what really attracts me to XPRIS and 0:06:34.916 --> 0:06:38.876 the work we do at the xprice because it really 0:06:39.076 --> 0:06:43.836 makes the problems seem solvable and it creates a way 0:06:43.836 --> 0:06:47.676 for us to see the solutions within reach, and it 0:06:47.716 --> 0:06:52.396 doesn't rely on governments or the private sector alone, but 0:06:52.516 --> 0:06:56.996 the collaboration and a work that encompasses everyone around the 0:06:57.076 --> 0:07:00.756 world to come together and the solutions that comes within 0:07:00.836 --> 0:07:04.956 the crowd. Explain a little bit about what the expris is, 0:07:05.076 --> 0:07:08.676 who thought of it, how does it work? Express Foundation 0:07:08.876 --> 0:07:12.196 was created almost twenty five years ago, which is difficult 0:07:12.276 --> 0:07:17.196 to even fathom, but the founder is Peter Diamandez and 0:07:17.796 --> 0:07:23.836 he is someone who is very solution oriented and he 0:07:24.076 --> 0:07:28.476 also had a passion for going to space. And he 0:07:28.676 --> 0:07:31.716 was given a book by a friend that described the 0:07:31.836 --> 0:07:35.436 life of Charles Limburgh and how he flew from New 0:07:35.516 --> 0:07:38.636 York to Paris to win a prize called Ortique Prize. 0:07:38.636 --> 0:07:41.676 It was a twenty five thousand dollars prize and this 0:07:41.836 --> 0:07:46.276 flight and this prize is what really created the entire 0:07:46.316 --> 0:07:50.756 aviation industry. So since he wanted to go to space, 0:07:50.796 --> 0:07:54.076 he decided, well, maybe he can apply the same thing 0:07:54.356 --> 0:07:59.196 in space and create an incentive prize that will really 0:07:59.356 --> 0:08:02.676 bring a lot of people who would create spaceships to 0:08:02.716 --> 0:08:06.596 go to space and allow for this type of industry 0:08:06.636 --> 0:08:11.436 to be created around space travel. So he calculated roughly 0:08:11.436 --> 0:08:14.756 the twenty five thousand dollars back then would equate to 0:08:15.036 --> 0:08:20.836 ten million dollars of today's money, and he announced the prize. However, 0:08:20.956 --> 0:08:23.916 what he didn't count on was the fact that no 0:08:23.956 --> 0:08:26.636 one would actually want a sponsor it because it would 0:08:26.716 --> 0:08:29.636 be very risky in the mind of a lot of 0:08:29.676 --> 0:08:34.636 corporates and high network individuals. So he tried for many 0:08:34.716 --> 0:08:39.236 years to find a sponsor, and in one article where 0:08:39.276 --> 0:08:42.436 I was interviewed, he read about my passion of going 0:08:42.516 --> 0:08:46.516 to space and we had just sold our company that 0:08:46.676 --> 0:08:50.116 I co founded with my family, and when he read 0:08:50.156 --> 0:08:52.676 that article, he decided that he needs to come talk 0:08:52.716 --> 0:08:55.236 to me, and he found me and told me about 0:08:55.276 --> 0:08:59.276 the prize, And as an entrepreneur, I was fascinated with 0:08:59.316 --> 0:09:02.956 the concept because I thought, Wow, this is de risking 0:09:03.716 --> 0:09:07.716 R and D. This is risking investment in a new 0:09:07.836 --> 0:09:11.956 idea because you really don't pay until someone actually builds 0:09:11.996 --> 0:09:16.756 and shows you the solution works. In tech, you spend 0:09:16.796 --> 0:09:18.436 tons of money in R and D and you don't 0:09:18.436 --> 0:09:20.356 even know if it's going to work at the end 0:09:20.476 --> 0:09:23.196 or not. So to me, it made a lot of sense, 0:09:23.236 --> 0:09:27.196 and my family really was excited about being involved with it, 0:09:27.276 --> 0:09:31.236 so we became the title sponsors, and about four years 0:09:31.316 --> 0:09:34.156 later the prize was one in two thousand and four 0:09:34.756 --> 0:09:38.196 by Bert Rutan, who was backed by Paul Allen. Paul 0:09:38.236 --> 0:09:42.716 Allen invested thirty million dollars in the company Scaled Composite 0:09:42.716 --> 0:09:45.796 with Bert Rutan to win the prize, the ten million 0:09:45.836 --> 0:09:49.836 dollars prize, and right at the time the prize was won, 0:09:50.556 --> 0:09:53.596 Richard Branson announced that he's going to sign a contract 0:09:53.636 --> 0:09:57.036 and make it into a commercial venture, which was always 0:09:57.636 --> 0:10:01.956 our ultimate goal for the prize. So the first prize 0:10:01.996 --> 0:10:05.556 seemed to be so successful in demonstrating all the things 0:10:05.556 --> 0:10:08.356 we hoped, we decided that we need to scale this 0:10:08.516 --> 0:10:11.916 and apply to other problems in the world. So after 0:10:11.956 --> 0:10:15.476 the first price, then truly our work begin in looking 0:10:15.476 --> 0:10:18.036 at what are some of the other grand challenges, because 0:10:18.036 --> 0:10:20.236 if we can solve the problem of going to space, 0:10:20.316 --> 0:10:23.636 we can solve anything now. So that was the idea. 0:10:23.796 --> 0:10:27.556 And Peter is still the executive chairman of the organization 0:10:27.636 --> 0:10:31.356 and very very active and a big proponent of using 0:10:31.476 --> 0:10:36.836 exponential technologies to solve world's grand as challenges. And how 0:10:36.876 --> 0:10:39.996 do you go about choosing what problems can be solving? 0:10:40.236 --> 0:10:42.396 As you say, you know, the world is full of 0:10:42.476 --> 0:10:45.796 difficult issues. What inspires you to choose one over the other. 0:10:46.036 --> 0:10:50.356 We have seven domains that we concentrate our work. In 0:10:50.396 --> 0:10:57.636 those seven domains, it's around education, energy, environment, mobility and transport, 0:10:58.316 --> 0:11:05.116 civil society, health and longevity, and education and when we 0:11:05.156 --> 0:11:08.356 look at problems and which ones are really ex prizes, 0:11:08.796 --> 0:11:13.956 which try to look at a space where not enough 0:11:14.476 --> 0:11:17.956 private or public sector investment and awareness is going. So 0:11:17.996 --> 0:11:20.676 if we feel that the public is very focused on 0:11:20.716 --> 0:11:26.476 solving the problem and their private companies that are investing money, 0:11:26.596 --> 0:11:28.916 or there are lots of NGOs trying to solve that 0:11:29.036 --> 0:11:32.676 problem and they're making good progress, then we don't feel 0:11:32.716 --> 0:11:36.116 like we need to do an incentivized prices. Instead, we 0:11:36.316 --> 0:11:39.716 in each domain, we basically started looking at a desired 0:11:39.796 --> 0:11:46.196 future in different areas. We just published our future Roadmapped 0:11:46.676 --> 0:11:49.356 for forests, so we looked at where do we want 0:11:49.396 --> 0:11:53.516 our forests to be, you know, thirty forty years from now, 0:11:53.596 --> 0:11:57.356 and where are we today? Are we on a trajectory together? 0:11:57.676 --> 0:12:01.236 And if we are not, what is required to shift 0:12:01.276 --> 0:12:06.076 our trajectory together? What technological breakthroughs do we need, What 0:12:06.436 --> 0:12:09.796 policy changes we need, what behavior changes we need? So 0:12:09.836 --> 0:12:12.036 we spend a lot of time studying this and we 0:12:12.076 --> 0:12:15.636 published a report which The Future of Forests is already 0:12:16.116 --> 0:12:20.396 published on our website. And through this process, we identify 0:12:20.836 --> 0:12:24.276 areas of breakthrough and then we analyze to see if 0:12:24.356 --> 0:12:27.796 there is enough work going into creating those breakthroughts. If 0:12:27.796 --> 0:12:30.836 we don't see work going in that direction or investment 0:12:30.916 --> 0:12:34.636 going in that direction, then we create their price around 0:12:34.676 --> 0:12:39.076 it and we launch it through support from sponsors, and 0:12:39.116 --> 0:12:42.396 then we try to shepherd the process to bring those 0:12:42.436 --> 0:12:46.116 solutions to markets. One of the issues that you have 0:12:46.436 --> 0:12:48.876 worked on is the issue of climate change, and this 0:12:48.956 --> 0:12:53.956 is one that's really vast and encompasses everything from climate science, 0:12:54.076 --> 0:12:59.676 to energy technology to as you say, shepherding of organizing 0:12:59.676 --> 0:13:02.516 a forest and so on. How did you break that 0:13:02.636 --> 0:13:04.916 subject down? How did you begin to think about it 0:13:04.956 --> 0:13:07.716 in a narrow solvable way. How did you come to 0:13:07.756 --> 0:13:10.756 the conclusion that this was the piece of it that 0:13:10.796 --> 0:13:14.356 you wanted to tackle, and maybe you could describe what 0:13:14.436 --> 0:13:17.876 that pieces. When we look at the issue of climate change, 0:13:17.916 --> 0:13:22.236 you can, of course look at it in many different directions, 0:13:22.876 --> 0:13:26.876 and we do a lot of different prices and incentives 0:13:26.916 --> 0:13:29.716 that look at these different aspects. So, for example, we 0:13:29.756 --> 0:13:32.396 look at the ocean and the health of the oceans 0:13:32.436 --> 0:13:36.996 and the impact. We looked at the regeneration of corals. 0:13:37.036 --> 0:13:39.636 But the one that we were very concerned about is 0:13:39.676 --> 0:13:43.596 when we looked at global warming specifically and the CO 0:13:43.836 --> 0:13:48.276 two in the atmosphere. There were enough work going toward 0:13:48.396 --> 0:13:52.876 alternative energies, for example, solar wind, and there were plans 0:13:52.876 --> 0:13:56.316 in trying to put these new alternative sources of energies 0:13:56.356 --> 0:13:59.156 in place. But when you look at the numbers and 0:13:59.276 --> 0:14:03.476 you see that we need to take ten billion tons 0:14:03.516 --> 0:14:07.596 of CO two out of the atmosphere before twenty fifty, 0:14:07.756 --> 0:14:11.716 otherwise we will not the one point five degree limit 0:14:11.836 --> 0:14:14.716 that we need to reach, you saw that we're nowhere 0:14:14.756 --> 0:14:18.476 near reaching those numbers. So we needed to look at 0:14:18.796 --> 0:14:21.756 how do we take CO two out of the atmosphere. 0:14:22.276 --> 0:14:26.156 And even though we saw there are some technologies and 0:14:26.276 --> 0:14:29.796 ideas on the table, not enough focus is going to 0:14:30.876 --> 0:14:35.876 actually putting those into place and into the market at 0:14:35.956 --> 0:14:41.636 scale and with a sustainable business model. So what we 0:14:41.716 --> 0:14:44.436 did is we started launching a series of prices. We 0:14:44.556 --> 0:14:50.436 have one active price, the Enrgicocia carbon price. Today is 0:14:50.476 --> 0:14:56.436 about creating a carbon economic carbon cycle where we can 0:14:56.636 --> 0:15:02.316 create a circular economy around carbon based products. And we 0:15:02.436 --> 0:15:05.636 started by the price that we have in places taking 0:15:05.756 --> 0:15:10.396 carbon out of a coal plant or a natural gas 0:15:10.396 --> 0:15:14.596 plan and turning that carbon into a product that can 0:15:14.676 --> 0:15:17.716 go into the market and create an economic value that 0:15:17.796 --> 0:15:22.676 can create this circular economy around carbon. So that is 0:15:22.956 --> 0:15:27.076 one that is active. We have now our finalists going 0:15:27.116 --> 0:15:31.476 through the testing process and we're hoping to announce the 0:15:31.516 --> 0:15:36.116 winners in about a year or so. And along the 0:15:36.196 --> 0:15:40.196 same line, we started looking at solutions that will actually 0:15:40.236 --> 0:15:43.316 now take carbon out of the atmosphere or out of 0:15:43.316 --> 0:15:46.596 the oceans, and that is one that we're designing. And 0:15:46.636 --> 0:15:50.316 we are always making sure that we don't prescribe a 0:15:50.476 --> 0:15:54.396 specific solution, but really spend a lot of time in 0:15:54.556 --> 0:15:58.836 framing the problem in a way that we can characterize 0:15:59.156 --> 0:16:02.556 the type of solutions that are needed to make sure 0:16:02.596 --> 0:16:07.876 that they're scalable, that they're sustainable, that they actually do 0:16:08.156 --> 0:16:12.796 enough in advancing the solutions into a place that will 0:16:12.876 --> 0:16:17.116 have a major impact in solving the problem. And as 0:16:17.116 --> 0:16:20.236 long as the solutions meet those criterias and we can 0:16:20.356 --> 0:16:23.516 measure them, we don't prescribe what technology they need to 0:16:23.556 --> 0:16:26.836 be using. For example, they may come up with a 0:16:26.916 --> 0:16:31.956 solution for plants that would capture carbon and store it 0:16:32.036 --> 0:16:35.036 in the soil or in the root, or things like 0:16:35.276 --> 0:16:39.556 kelp on the oceans that can extract CO two, or 0:16:39.716 --> 0:16:43.476 ways of just directly extracting C two from the atmosphere. 0:16:43.516 --> 0:16:46.036 So it can be any of these solutions, but all 0:16:46.076 --> 0:16:49.356 of them can compete for the price and win the price. 0:16:49.476 --> 0:16:52.516 So this is one that we're designing right now, and 0:16:52.636 --> 0:16:57.996 we're creating a coalition of sponsors to really launch these 0:16:58.436 --> 0:17:03.676 probably our largest ever ex price, to really bring massive 0:17:03.716 --> 0:17:07.556 attention to this problem and hopefully solve it once and 0:17:07.676 --> 0:17:12.156 for all for everyone. And why are the companies and 0:17:12.356 --> 0:17:15.796 groups of scientists who are competing for this why do 0:17:15.916 --> 0:17:17.676 they do it? I mean they might not win, right, 0:17:17.716 --> 0:17:20.636 so maybe they'll spend five years trying to design a 0:17:20.676 --> 0:17:22.956 system and then they won't win the prize at the end. 0:17:23.396 --> 0:17:25.876 Why is this a sufficient incentive for them? I mean, 0:17:25.876 --> 0:17:28.676 why does this work? This is a very good question 0:17:28.916 --> 0:17:33.636 and something that we really like about this incentive prize 0:17:33.716 --> 0:17:37.556 model because it's not just about the winner, is about 0:17:37.596 --> 0:17:40.996 all those teams that enter, and especially the ones that 0:17:41.076 --> 0:17:44.836 make it to the semi finals. What we've seen is 0:17:44.996 --> 0:17:48.356 we had, for example, prizes like the Google Learner X 0:17:48.396 --> 0:17:52.236 prize that expired, so the price pers went the way 0:17:52.356 --> 0:17:57.996 the teams continue to develop their solutions and it became 0:17:58.036 --> 0:18:02.076 a project of passion and also a project that they 0:18:02.156 --> 0:18:06.796 knew once they finished and demonstrate the technology, there will 0:18:06.876 --> 0:18:10.316 be a marketplace for it. Part of the work we do. 0:18:10.396 --> 0:18:13.996 The prizes we run are not short term prizes because 0:18:14.036 --> 0:18:17.036 we actually ask people to build the solution, so they 0:18:17.036 --> 0:18:20.716 could be anywhere between three, five, sometimes ten years before 0:18:20.756 --> 0:18:24.116 they win the prize. So they enter this not just 0:18:24.396 --> 0:18:27.276 as you know, I want my idea to win, but 0:18:27.316 --> 0:18:31.116 they are really committing capital and R and D to 0:18:31.396 --> 0:18:34.516 building a solution that they believe will have a marketplace. 0:18:34.956 --> 0:18:38.356 And the work we do in the background is through 0:18:38.516 --> 0:18:43.276 policy changes, through awareness, create a marketplace for these solutions, 0:18:43.556 --> 0:18:47.636 because now we're shining a lot about how these companies 0:18:47.676 --> 0:18:52.316 can solve massive problems and can have a valid business model. 0:18:52.716 --> 0:18:55.476 That's why, you know, the teams continue to compete even 0:18:55.676 --> 0:18:58.716 if they don't win, a lot of them become very 0:18:58.756 --> 0:19:03.876 successful companies post prize. And we also see sometimes the 0:19:03.916 --> 0:19:07.556 companies or the teams merge in this process so they 0:19:07.636 --> 0:19:11.236 make it to the semi finals, and then one has 0:19:11.276 --> 0:19:15.116 a technology that's better in one aspect of the solution, 0:19:15.196 --> 0:19:18.036 and the other has this technology that is better in 0:19:18.076 --> 0:19:21.196 another aspect, and they feel like by combining they can 0:19:21.396 --> 0:19:24.156 have a better chance of first making it to the 0:19:24.196 --> 0:19:27.796 finals and to winning the price. So we see collaboration 0:19:27.916 --> 0:19:32.556 happening even though it's a competition, and we see a 0:19:32.556 --> 0:19:36.036 lot of companies continuing on even if they don't win 0:19:36.076 --> 0:19:39.396 the price. What makes you so sure that there is 0:19:39.476 --> 0:19:42.076 a solution? How do you know that it's possible to 0:19:42.076 --> 0:19:44.676 take carbon out of the atmosphere or out of the oceans. 0:19:45.476 --> 0:19:48.836 As part of our process when we design a price, 0:19:48.996 --> 0:19:51.596 we do a lot of due diligence to make sure 0:19:51.636 --> 0:19:54.916 that while we push the boundaries and make sure that 0:19:55.076 --> 0:19:59.556 our prizes are audacious, we make sure that they're achievable. 0:20:00.036 --> 0:20:02.676 We don't succeed always. Sometimes we're a little bit too 0:20:02.796 --> 0:20:07.196 ambitious in our desire, but we want to be on 0:20:07.236 --> 0:20:11.996 the edge. But we do some studies through a network 0:20:12.036 --> 0:20:17.516 of advisors and the experts that we create online and 0:20:17.876 --> 0:20:20.556 the work we do to see where is the state 0:20:20.596 --> 0:20:24.196 of technology and how far can it go? What are 0:20:24.276 --> 0:20:28.156 some of the breakthroughs that are needed to happen to 0:20:28.196 --> 0:20:32.636 make it possible. Can they be done based on the 0:20:32.716 --> 0:20:36.596 More's law and the curves that we've seen with technology 0:20:36.636 --> 0:20:40.596 and price reduction and miniaturization. Can this be achieved in 0:20:40.676 --> 0:20:43.716 two years from now, for example? And if we see 0:20:43.716 --> 0:20:47.836 it as a possibility, that's how we design our prices 0:20:47.876 --> 0:20:50.596 to make sure that the solutions are sort of pushing 0:20:50.596 --> 0:20:54.556 the boundaries, but just enough that they can be achieved. 0:20:55.396 --> 0:20:58.756 And what if they're multiple ways to solve a particular problem. 0:20:58.756 --> 0:21:00.796 I mean, actually, in the case of carbon extraction, I 0:21:00.796 --> 0:21:05.236 can imagine there might be completely different technologies which could work. 0:21:05.396 --> 0:21:10.156 We are actually not concerned about the approach to solve 0:21:10.236 --> 0:21:14.476 the problem. We're only concerned about solving the problem. So 0:21:14.516 --> 0:21:18.836 that's why the way we've framed the problems are very 0:21:18.876 --> 0:21:23.596 important for us not to really limit the type of innovations. 0:21:24.196 --> 0:21:30.596 We would, for example, ask you to remove x amount 0:21:30.676 --> 0:21:36.076 of carbon out of the atmosphere in so much time 0:21:36.676 --> 0:21:40.356 at so much cost, and be able to do it, 0:21:40.396 --> 0:21:44.076 for example, for an extended period of time. This doesn't 0:21:44.116 --> 0:21:46.236 tell you how to do it. It just tells you 0:21:46.396 --> 0:21:49.956 the outcome that we want out of the solution. But 0:21:50.116 --> 0:21:52.836 everything that I said are things that can be measured 0:21:52.996 --> 0:21:56.476 very clearly, so you can come up with whatever solution 0:21:56.556 --> 0:22:00.036 you want as long as you achieve those criterias. And 0:22:00.076 --> 0:22:02.916 it's important because we don't know what the solution will 0:22:02.956 --> 0:22:05.196 look like. By saying that you have to do it 0:22:05.316 --> 0:22:09.756 by using, for example, for a station or a station, 0:22:10.276 --> 0:22:12.996 we may that may not be the best solution. Or 0:22:13.036 --> 0:22:15.516 if we say you have to do it by you know, 0:22:15.556 --> 0:22:18.476 putting kelvin the ocean, that may not be the best solution. 0:22:18.876 --> 0:22:21.836 So we don't prescribe it because we don't know the answers. 0:22:22.076 --> 0:22:24.276 We want people to come up with answers that we 0:22:24.316 --> 0:22:26.876 may not even have taught of. But we want to 0:22:26.916 --> 0:22:30.356 still achieve the final goals, which is, we need to 0:22:30.396 --> 0:22:33.356 get this much carbon out of the atmosphere or will 0:22:33.436 --> 0:22:37.436 be in trouble. And that's the steps that will help 0:22:37.516 --> 0:22:41.676 us get there. So what kinds of people introduce competitions 0:22:41.716 --> 0:22:48.236 for your prizes? We basically look for everyone within the field, 0:22:48.436 --> 0:22:52.236 and especially if people outside the field. I can tell 0:22:52.276 --> 0:22:57.436 you that we have people of all sorts of backgrounds 0:22:57.476 --> 0:23:04.676 and different age groups, genders, geographic locations entering for our competitions. 0:23:05.036 --> 0:23:09.836 We just announced recently the winners of our Ocean Discovery Xprize, 0:23:09.956 --> 0:23:14.836 and we had a bonus prize sponsored by Noah and 0:23:15.036 --> 0:23:18.196 it was won by a junior high school team and 0:23:18.596 --> 0:23:22.796 nobody believed they would win. They were surprised. They want 0:23:22.996 --> 0:23:25.676 They want eight hundred thousand dollars, which is a lot 0:23:25.716 --> 0:23:29.196 of money for a group of junior high schoolers. On 0:23:29.236 --> 0:23:34.556 the other side, we have retired scientists who read about 0:23:34.596 --> 0:23:37.116 a prize in a newspaper and decided to form a 0:23:37.116 --> 0:23:41.196 team and compete, and then they won. We had a 0:23:41.236 --> 0:23:46.156 person that was a tattoo artists in Las Vegas that 0:23:46.516 --> 0:23:51.076 learned about our Ocean Cleanup Exprise and formed a team 0:23:51.076 --> 0:23:54.516 and thought about using some of the techniques used to 0:23:55.556 --> 0:23:59.836 extract inc to use to extract oil when there's an 0:23:59.836 --> 0:24:03.876 oil spill. So those are the type of innovations that 0:24:04.276 --> 0:24:08.556 we loved because he would have never thought about solving 0:24:08.796 --> 0:24:11.516 oil clean up if it wasn't for our prize. And 0:24:11.636 --> 0:24:14.596 those are the types of innovation that usually come up 0:24:14.636 --> 0:24:19.236 with the most drastic approach to solving a problem. And 0:24:19.636 --> 0:24:22.116 those are the type of solutions we love to see. 0:24:22.276 --> 0:24:27.236 And that's the beauty of exprice. So listeners who are 0:24:27.276 --> 0:24:30.276 inspired by what you say what can they do to 0:24:30.356 --> 0:24:33.956 help contribute to your attempt to solve some of the 0:24:33.996 --> 0:24:37.996 world's biggest problems. So the first thing I would say is, 0:24:38.276 --> 0:24:41.716 if there is a grand challenge out there that you're 0:24:41.836 --> 0:24:44.956 passionate about and you want to solve, think of Exprice 0:24:45.076 --> 0:24:48.636 Foundation as a platform, as an impact platform that you 0:24:48.716 --> 0:24:51.476 can come to us and let us see if we 0:24:51.516 --> 0:24:56.316 can help solve that problem through incentivized prices. The other 0:24:56.356 --> 0:24:59.676 thing I would love for everyone to consider is if 0:24:59.716 --> 0:25:02.516 they want to go to our website and look at 0:25:02.556 --> 0:25:05.036 some of our active prices, if they want to compete 0:25:05.356 --> 0:25:08.396 and create teams and be part of the solution and 0:25:08.796 --> 0:25:12.836 come with those innovative solutions. We always look for really 0:25:12.876 --> 0:25:16.676 wide variety of people who would compete for our prizes 0:25:17.396 --> 0:25:20.276 and to get the word out about our work, because 0:25:20.356 --> 0:25:25.436 I think it's very important for people to know that 0:25:25.476 --> 0:25:30.756 there is this approach about solving problems. We also have 0:25:31.116 --> 0:25:35.276 a active price that I think is very important, and 0:25:35.396 --> 0:25:39.956 as I mentioned before, we have an active carbon price 0:25:40.036 --> 0:25:42.916 and we're about to launch a new carbon price. As 0:25:42.996 --> 0:25:47.636 part of this, we have been looking at creating a 0:25:47.716 --> 0:25:52.596 coalition that would allow us to create this circle carbon 0:25:52.756 --> 0:25:59.356 economy and that requires investors, innovators, public and private sector 0:25:59.436 --> 0:26:04.036 to come together. So these are nascent technologies. Even though 0:26:04.116 --> 0:26:08.156 they're technologically possible and we're going to help them to 0:26:08.356 --> 0:26:13.556 our process demonstrate valid solutions, they will still require a 0:26:13.596 --> 0:26:18.916 network of investors and policymakers that can help them take 0:26:18.996 --> 0:26:22.516 these solutions to the market. So anyone who's interested to 0:26:23.276 --> 0:26:27.076 support us with this activity, to get to know our teams, 0:26:27.156 --> 0:26:30.996 to invest in them, to help them find ways to 0:26:31.036 --> 0:26:34.556