London, Apr 23 (PTI) Mati Carbon, a startup successfully making use of an enhanced rock weathering solution to deliver climate action impact across agricultural lands in India, was on Wednesday named the winner of the USD 50 million grand prize in the XPRIZE Carbon Removal competition.

The Elon Musk Foundation backed prize recognised Mati Carbon's “highly durable” approach to carbon dioxide removal (CDR) by applying finely crushed basalt over agricultural lands to accelerate a natural weathering process that permanently draws down atmospheric carbon dioxide (CO2).

Also Read | Pahalgam Terror Attack: US Vice-President JD Vance Calls PM Narendra Modi, Says America Ready To Provide 'All Assistance' in Joint Fight Against Terrorism.

Beyond carbon removal, Mati Carbon's process delivers significant benefits to smallholder farmers such as improved soil health and increased income at zero cost to them.

“Being named the grand prize winner of XPRIZE Carbon Removal is not just a validation of our approach to CDR, it also represents a major catalyst to building out the science and infrastructure needed to deliver on our mission – generating climate resilience and economic empowerment for the more than 100 million smallholder farmers in developing economies worldwide,” said Shantanu Agarwal, the US-based founder and CEO of Mati Carbon.

Also Read | Shanghai Auto Show 2025: Leading Automakers Showcase Latest Design-for-China and Global Models Amid Growing Concerns of US Tariffs Imposed by President Donald Trump.

“I am very proud of our Mati Carbon team and the thousands of smallholder farmers who have partnered with us in India, Tanzania, and Zambia,” he said.

Founded in 2022, Mati was selected in 2024 as one of 20 global finalists of XPRIZE and has won the grand prize for its scalable, scientifically robust, and cost-effective strategy.

“We offer this mode of carbon dioxide removal through a programme that is expressly built to benefit a population of farmers who are among the least responsible for and most vulnerable to the impacts of climate change,” said Mati Carbon Chief Science Officer Jake Jordan.

Excess greenhouse gases in the Earth's atmosphere and oceans due to human activity is known to be driving climate change. Carbon dioxide emissions currently account for more than two-thirds of all anthropogenic greenhouse gas emissions.

In addition to dramatic reductions of greenhouse gas emissions, the removal and storage of carbon dioxide is necessary to stop average global temperature from rising more than 2 degrees Celsius above pre-industrial levels.

Mati Carbon explains: “Extreme weather events have an outsized effect on the smallholder farmers that Mati partners with who live and work with limited infrastructure and financial resources. At the heart of Mati's impact is a transformative locally led model for smallholder farmers.

“By applying basalt free of cost to farmlands, Mati not only removes atmospheric CO2 but also restores vital nutrients to degraded soils, improving smallholder farmers' yields by an average of 20 per cent. These yield increases translate to a substantial boost in income – enough to pay off debts, invest in better farm inputs, and build resilience against climate change.

“In regions with poor access to fertilizers and financial tools such as credit, this intervention offers a rare win-win: agronomic empowerment and planetary healing.”

The company said it intends to use the XPRIZE recognition as a springboard to scale its efforts working with smallholder farmers worldwide. Beyond the award, Mati will make its smallholder-focused model self-sustaining through its sale of CDR credits.

The USD 100-million XPRIZE Carbon Removal is funded by the Musk Foundation, which creates grants in support of renewable energy research and advocacy among other areas. Runners up of the carbon removal prize NetZero, Vaulted Deep and UNDO Carbon were awarded USD 15 million, USD 8 million and USD 5 million respectively, to coincide with the ongoing Earth Week.

“At this critical turning point for our planet, the technologies developed by these winning teams represent hope with a broad range of approaches that are suitable for different geographies and can help the world reach net zero and ultimately reverse climate change,” said XPRIZE CEO Anousheh Ansari. PTI AK

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)