Elon Musk offers $100 million for best 'Carbon Capture Technology'

Elon Musk offers $100 million for best 'Carbon Capture Technology'”

Tesla CEO Elon Musk is known to use customer feedback and complaints in order to enhance features of the company's vehicles.

"Am donating $100M towards a prize for best carbon capture technology", Musk said in a tweet.

He tweeted Thursday that he'll be donating a $100 million prize for best carbon capture technology. Users on Twitter were quick to point out that the best carbon capture method isn't a technology, it's trees, which can be easily planted. But with a $100 million purse on the line, Musk's competition will not only offer five times the funding as X-Prize, it'll also constitute his single-largest philanthropic investment to date (10 times the amount of his second-largest donations so far).

Carbon-capture tech, as its name suggests, is created to snag heat-trapping carbon dioxide before it can wreak more climate havoc in Earth's atmosphere.

More news: Facebook to kill Oculus Rift S VR headset in 2021

Why is carbon capture necessary?

The agency said 30 new projects had been approved since 2017, but stressed that much more was needed to prevent carbon emissions from raising the temperature on Earth more than 1.5 degrees Celsius above pre-industrial levels. Adapting heavy industry to clean energy is relatively hard and expensive compared to installing carbon capture systems.

The technology is becoming widely accepted as a safe and potentially effective form of geoengineering compared to other approaches, and Biden voiced support for it in his campaign platform, stating that his administration would take steps to "accelerate the development and deployment of carbon capture sequestration technology". He's donated more than $257m to the Musk Foundation - equivalent to about 0.1pc of his current net worth - which in turn distributed $65m between 2016 and 2018 to about 200 nonprofits, according to an analysis by Quartz.

Musk recently asked his Twitter followers what he should do with his money. As news of his net worth circulated, Musk tweeted out on January 7 that he was looking to donate some money to a cause that would "really make a difference".

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