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Elon Musk to Offer $100-Million Prize for ‘Best’ Carbon Capture Technology

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Elon Musk to Offer $100-Million Prize for 'Best' Carbon Capture Technology

On Tuesday, Tesla Chief Executive Elon Musk announced on Twitter. that he planned to give away $100 million(Roughly around Rs 730 Crores) as a prize for the “best carbon capture technology.”

He added in another tweet that he will provide more details next week, So it is not yet clear how such a contest will work or even what technologies might qualify.

Capturing planet-warming emissions is becoming a critical part. Many plans have been made 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.

Elon Musk tweeted-

“Am donating $100M towards a prize for best carbon capture technology,” Musk wrote in a tweet, followed by a second tweet that promised, “Details next week.”

Musk is the first person to offer up funds to the field, either as an award or as a direct investment. Last year, Microsoft announced plans to create a $1 billion fund for “carbon reduction, capture, and removal technologies,”

Many nations and corporations banking is working on some level of carbon capture. Their plan is to zero out emissions in the coming decades. However, it’s quite expensive.

Musk, who co-founded and sold Internet payments company PayPal, now leads some of the most futuristic companies in the world.

Recently, Elon Musk has become the World’s Richest Person with a net worth of $180 billion. Besides Tesla, Musk heads rocket company SpaceX and Neuralink. They are developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

US President Joe Biden has pledged to accelerate the development of carbon capture technology 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.

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