Elon Musk to offer $100 million prize for 'best' carbon capture tech

Marco Green
January 23, 2021

Tesla and SpaceX CEO Elon Musk has announced that he is donating $100 million towards a prize for the best technology that can capture carbon dioxide. He will be providing details next week.

Musk, 49, is a philanthropy neophyte compared with those he just leapfrogged on the Bloomberg ranking of the world's 500 wealthiest people. He surpassed Jeff Bezos on January 3rd - to later jump to second place when Tesla's stock price plummeted.

A 30-day process will have the U.S.re-assimilated into the Paris Accord in order to collaborate on meeting emissions targets suggested by scientists to keep the planet from flooding and ecological disaster.

The donation idea was probably inspired by his followers' responses on Twitter. Most of the captured carbon dioxide is stored underground.

However, Musk is likely looking for a technological solution that can extract carbon dioxide from the atmosphere and reuse it as fuel.

Carbon capture technology is created to prevent the release of CO2 generated through conventional power generation and industrial production processes by injecting the CO2 into suitable underground storage reservoirs. This comes in conjunction with Pres. Joe Biden taking office, and implementing immediate actions to address climate change on his first day in presidency.

Where do Musk's donations usually go?

Despite signing the Giving Pledge, Musk has done relatively little publicly in the way of charity. The philanthropic initiative asked signatories to donate at least half of their wealth during their lifetime. There are tunnels in Miami, but they're astronomically expensive - the Port of Miami built less than a mile of tunnel below a shallow channel for about $1 billion - and cheaper tunneling is the thrust of Musk's endeavor (although whether or not the Boring Company has truly been able to cut tunneling costs is still up for debate).

Famous entrepreneur and Tesla Inc CEO - not to mention the world's richest man - Elon Musk recently hinted at plans to improve Miami's infrastructure with the help of one of his business ventures.

Other reports by Click Lancashire

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