Business

Elon Musk to award $100M for best carbon capture technology

Elon Musk to award $100M for best carbon capture technology

Elon Musk has $100 million burning a hole in his pocket.

The Tesla CEO, who earlier this month became the world’s richest person, said he will award a massive prize to whoever is able to develop the best tool to capture planet-warming carbon emissions.

“Am donating $100M towards a prize for best carbon capture technology,” Musk tweeted late Thursday.

“Details next week,” he added.

Carbon capture involves using machinery to tr ap carbon dioxide emitted from places like factories before it escapes into the atmosphere.

Capturing planet-warming emissions is becoming a critical part of many plans to keep climate change in check, but very little progress has been made on the technology to date, with efforts focused on cutting emissions rather than taking carbon out of the air.

The International Energy Agency said late last year that a sharp rise in the deployment of carbon capture technology was needed if countries are to meet net-zero emissions targets.

President Joe Biden has pledged to accelerate the development of carbon capture technology as part of his sweeping plan to tackle climate change. On Thursday, he named Jennifer Wilcox, an expert in carbon removal technologies, as the principal deputy assistant secretary for fossil energy at the US Department of Energy.

With Post wires

About the author

Avatar

Erin Fox

From television to the internet platform, Erin switched her journey in digital media with News Brig. She served as a journalist for popular news channels and currently contributes his experience for News Brig by writing about the tech domain.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *