Elon Musk pledges prize for carbon capture technology

Carbon capture technology
Photo by Maja Hitij / Getty Images file

Tesla CEO Elon Musk has pledged to pay a $100 million prize for developing the “best” carbon capture technology.

The fact is that very little progress has been made in this technology today, and efforts Focused to reduce emissions, not removing carbon from the air.

Capturing the emissions that cause the warming of the planet is becoming an important part of many climate change control plans. The International Energy Agency said late last year that countries needed to see a sharp increase in carbon capture technologies if countries met their zero net emissions targets.

«I donate $100 million to the prize for best carbon capture technology,” Musk tweeted, followed by a second tweet promising “Details next week.”

This is not the first time that the public has sought help to find technology to combat harmful emissions. In 2018, X-Prize held a similar competition and divided between the finalist teams $20 million.

Musk, who co-founded online payments company PayPal Holdings Inc, now heads some of the world’s most futuristic companies. In addition to Tesla, he heads the rocket company SpaceX and Neuralink, a startup that develops ultra-high-bandwidth brain interfaces to connect the human brain to computers.

U.S. President-elect Joe Biden has already vowed to accelerate the development of carbon capture technology as part of his extensive plan to combat climate change. On Thursday, he appointed Jennifer Wilcox, a carbon removal technology expert, as deputy assistant secretary of the U.S. Department of Energy’s Fossil Energy.

EARLIER, NSW wrote that Tesla and SpaceX CEO Elon Musk boosts his fortune during Donald Trump’s presidential cadence of about $170 billion.

Shares of electric car maker Tesla have risen by 1625% over the past four years, while the Stamp; P 500 and Dow Jones Industrial Average have risen by about 70% and 60% respectively.

Musk’s fortunes grew unprecedentedly. On the day Trump became president of the United States, the businessman’s fortune was $12.9 billion.

At the same time, according to Bloomberg agency, the richest man in the world is Musk. The agency estimates his fortune at $201 billion and Bezos’s fortune at $193 billion.

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