Elon Musk to Give $100M Prize for Best Carbon Capture Technology

On Thursday, Tesla and SpaceX CEO Elon Musk announced that he will give $100 million as a prize for the best carbon capture technology.

"Am donating $100M towards a prize for best carbon capture technology," Musk tweeted, adding that he would provide "details next week."

https://twitter.com/elonmusk/status/1352392730408673281?s=20

Recently, Musk briefly passed Amazon CEO Jeff Bezos as the world's richest man before a slide in Tesla's stock price dropped him back a spot.

Musk's carbon capture contest would go toward a cause that is likely to play a major role in fighting climate change moving forward, especially, under the Biden administration.

Earth's temperatures are already on track to blow past levels that the Paris climate agreement, which U.S President Joe Biden rejoined Wednesday, set as goals for 2100.

Biden previously voiced his support for it in his campaign platform, stating that his administration would be accelerating the development and deployment of carbon capture sequestration technology.

According to a study, at least 33 gigatonnes of carbon dioxide would need to be sucked out of the atmosphere each year using carbon capture, roughly the total amount of carbon dioxide the global fossil-fuel industry emitted in 2018 (36 gigatonnes).

The technology is becoming widely accepted as a safe and potentially effective form of geoengineering compared to other approaches.