Elon Musk promises $100 Million in the award for developing the “best” technology to capture carbon dioxide emissions.
“I’m donating $ 100 million for an award for best carbon capture technology,” Musk wrote in a tweet, followed by a second tweet that promised, “Details next week.”
Capturing planet-warming emissions is becoming a critical climate change in check, but very little progress has been made on the technology to date, with efforts focused on cutting emissions rather than taking carbon out of the air.
The International Energy Agency (IEA) said last year that a strident rise in the growth of carbon capture technology was required if countries are to meet net-zero emissions targets.
It also sometimes involves technologies to use the carbon for other purposes. The idea has been suggested as a potential solution to hold up climate change by plummeting the amount of carbon dioxide released in the atmosphere or even reversing it in the future.
Tesla officials did not respond to a request for additional information.
Musk, who co-founded and traded Internet payments company PayPal, now owns some of the most revolutionary companies in the world. Details on Musk’s upcoming carbon capture rivalry have not been released but are anticipated to arrive “next week.”
Musk, who momentarily passed Amazon CEO Jeff Bezos as the world’s richest man before a slide in Tesla’s stock price released him back a spot, recently asked his Twitter followers for guidance on how to best give away his money.
Musk has earlier stated that Tesla’s mission is to speed up the arrival of electric transport and renewable energy with the intention of address climate change.
At a meeting on the sidelines of the Paris Agreement, Tesla’s CEO illustrated emitting large amounts of CO2 in the atmosphere as the “dumbest experiment in history.”
“Critical feedback is always super valued, along with ways to donate money that really make a difference (way harder than it seems),” Musk tweeted earlier this month.
But an approximation by Forbes in September found that Musk has donated just $100 million so far – less than 1% of his net worth.