Elon Musk will present a $ 100 million prize for the best carbon capture technology

Tesla Corporation President and billionaire businessman Elon Musk On Thursday, he took to Twitter to pledge a prize of $ 100 million for developing the „best“ technology for capturing carbon dioxide emissions.

Capturing greenhouse emissions has become an important part of many plans to keep climate change under control, but very little progress has been made in technology so far, with efforts focused on cutting emissions rather than taking carbon out of the air.

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

„I donate $ 100 million for the Best Carbon Capture Technology award,“ Musk wrote in a tweet, followed by a second tweet promising „the details next week.“

Tesla officials did not immediately respond to a request for additional information.

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Musk, who co-founded and sold the online payment company PayPal Holdings Inc, now leads some of the world’s most futuristic companies.

Alongside Tesla, he heads the rocket company SpaceX and Neuralink, a startup that is developing interfaces and a high-bandwidth machine to connect the human brain to computers.

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

(Prepared by Nicola Groom; Editing by Peter Henderson and Rosalba O’Brien)