Elon Musk Offers $ 100M Award for Best Carbon Capture Technology

Tesla and SpaceX CEO Elon Musk on Thursday teased their latest philanthropic effort: a competition aimed at encouraging more innovative carbon capture technologies.

“Donating $ 100M for Award for Best Carbon Capture Technology,” Musk Tweeted, Saying that he would “provide details next week.”

Musk, who briefly passed on Amazon CEO Jeff Bezos as the world’s richest man before a slide in Tesla’s share price, returned him a spot, recently seeking advice from his Twitter followers How to give your money the best.

“Critical feedback is always super appreciated, as well as ways to donate money that really makes a difference (more than it sounds hard to find).” Tweeted Earlier this month.

In 2012, Musk signed the Giving Pledge, an initiative started by Bill Gates and Warren Buffett, asking signatories to donate at least half of their money within their lifetime, and primarily science and engineering Has donated towards education, renewable energy research, pediatric research, and human space exploration research.

But an estimate by Forbes in September found that Musk had donated just $ 100 million so far – less than 1% of his total assets.

Nevertheless, Musk’s proposed carbon capture competition would go towards a cause that, under the Biden administration, is likely to play a major role in fighting climate change.

Read more: The VC shares 46 climate-tech startups that are set to climb in 2021

A scientific report published in November concluded that companies and governments began to “develop technologies for the large-scale removal of greenhouse gases from the atmosphere,” a process known as carbon capture and storage (CCS). Urgent need.

Earth’s temperature is already on track to overturn the Paris Climate Agreement – which President Joe Biden re-released on Wednesday – set as goals for 2100.

But even if all greenhouse-gas emissions stop, the study would require at least 33 gigatons of carbon dioxide to be taken out of the atmosphere each year using carbon dioxide – globally, carbon dioxide Total fossil-fuel industry emitted in 2018 (36 gigatonnes).

The technology is being widely accepted as a safer and potentially effective form of geoengineering than other approaches, and Biden supported it in his campaign platform, stating that his administration “carbon capture sequestration Will “take steps to accelerate the development and deployment of technology. “

Specifically, Biden wants to make carbon capture more widely available, cheaper and scalable, and plans to increase federal investment and tax incentives for the development of technology.

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