Friday, 05 March, 2021

Elon Musk Dangles $100 Million Incentive for Best Carbon Capture Tech

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Cecil Davis | 24 January, 2021, 05:46

Tesla Inc CEO Elon Musk on Thursday took to Twitter to promise a $100 million prize for the development of the "best" carbon capture technology.

As the world waited with baited breath for the U.S. presidential inauguration, Tesla CEO Elon Musk had more pressing issues at hand - exchanging tweets with Miami's mayor about building a tunnel system under the Florida city. He surpassed Jeff Bezos on January 3rd - to later jump to second place when Tesla's stock price plummeted. Most of the captured carbon dioxide is stored underground.

A study published Scientific Reports in November concluded that companies and governments urgently need to "start developing the technologies for large-scale removal of greenhouse gases from the atmosphere", a process known as carbon capture and storage (CCS).

Global warming is expected to create climate refugees, diminish water and food supplies, trigger extreme weather events, and cause sea levels to rise. It asks the signatories to give away at least half of their assets in their lifetime. Biden's administration rejoined the Paris climate agreement and revoked the Keystone XL oil pipeline's federal permit.

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Musk's focus on carbon capture is in line with his other business interests, which largely focus on technological solutions to urgent environmental problems.

According to an estimate by Forbes in September, Musk have donated $100 million - only 1% of his net worth.

The South African-born entreprenuer is now worth US$201.4 billion, according to the Bloomberg Billionaires Index. On the other hand, Amazon's Jeff Bezos has $193 billion and is now the second richest person, while Bill Gates stands at the third place with $134 billion.

Beyond Tesla, Musk also heads up a raft of high-tech companies, including rocket company SpaceX and brain-machine interface company Neuralink.