Tesla CEO and billionaire entrepreneur Elon Musk, leading some of the most futuristic companies in the world, announced Thursday a $100 million prize for the development of the best technology to capture CO2 emissions.
“Am donating $100M towards a prize for best carbon capture technology,” Musk wrote in a tweet, followed by a second tweet that promised “Details next week.”
Carbon capture and storage is seen as a promising solution for helping the world control the adverse effects of climate change, but very little progress has been made on the technology to date.
Late last year, the International Energy Agency said a sharp rise in the deployment of carbon capture technology is needed if countries are to meet their net-zero emissions targets and slow climate change in line with Paris Agreement. A separate research by Norwegian intelligence firm Rystad Energy in early January also revealed that carbon capture and storage (CCS) solutions could address about 42% of the world’s total dirty footprint.
The newly-elected US President Joe Biden has pledged to accelerate the development of carbon capture technology, as part of his sweeping plan to tackle climate change. He has also redirected the country’s green goals, rejoining the landmark Paris Agreement, with potential implications for offshore energy development.