Story at a glance

  • “Am donating $100M towards a prize for best carbon capture technology,” Musk tweeted Thursday to his more than 42 million followers.
  • Carbon capture is the process of trapping the greenhouse gas at its emission source and storing it, usually underground, so that it is not emitted into the atmosphere.
  • According to the International Energy Agency, there are currently about two dozen large scale plants operating globally which can capture about 40 million metric tons of carbon dioxide annually.

Billionaire entrepreneur Elon Musk is offering $100 million toward a prize for whoever can develop the best technology to capture carbon dioxide emissions. 

In an announcement on Twitter late Thursday, the Tesla and SpaceX CEO said he planned to share more details about his offer next week. 


America is changing faster than ever! Add Changing America to your Facebook or Twitter feed to stay on top of the news.


“Am donating $100M towards a prize for best carbon capture technology,” Musk tweeted Thursday to his more than 42 million followers. 

Carbon capture is the process of trapping the greenhouse gas at its emission source and storing it, usually underground, so that it is not emitted into the atmosphere. It can be used to capture emissions from power plants, factories or even directly from the air. 

According to the International Energy Agency, there are currently about two dozen large scale plants operating globally which can capture about 40 million metric tons of carbon dioxide annually. Dozens of others are being developed, but the high upfront cost has been a challenge for the technology. 

The International Energy Agency stressed last year that more carbon capture, usage and storage projects were needed if countries are to reach net-zero emissions targets. 

Global carbon dioxide emissions have spiked over the past century leading to record temperatures and a worsening climate change crisis. Last year tied with 2016 for the hottest year on record as global temperatures were 0.6 degrees Celsius warmer than the 1981-2010 reference period and about 1.25 degrees Celsius warmer than the pre-industrial period of 1850-1900. 

Musk, who briefly surpassed Amazon CEO Jeff Bezos as the world’s richest person earlier this month, recently asked his Twitter followers for suggestions on how he should donate his money. 

“Critical feedback is always super appreciated, as well as ways to donate money that really make a difference (way harder than it seems),” Musk tweeted

The prize will be connected to Xprize Foundation, a non-profit organization that hosts competitions to encourage technological development, according to TechCrunch.


READ MORE LIKE THIS FROM CHANGING AMERICA

THE 10 COUNTRIES MOST LIKELY TO SURVIVE THE IMMINENT THREATS OF CLIMATE CHANGE

FIRST CLIMATE WARNINGS ON GAS PUMPS TO APPEAR IN US

POLL FINDS 7 OF 10 VOTERS FAVOR STRONG GOVERNMENT ACTION ON CLIMATE CHANGE

ICE IN BERING SEA HITS LOWEST LEVEL IN THOUSANDS OF YEARS

ANTARCTIC GLACIER RETREATED 3 MILES IN 22 YEARS


 

Published on Jan 22, 2021