Elon Musk promises $100m prize for best carbon capture tech

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Elon Musk promises $100m prize for best carbon capture tech

By Alexandra Leonards

25/1/2021

Elon Musk has promised a $100 million prize for whoever develops the “best” carbon capture technology.

The billionaire tweeted: “Am donating $100M towards a prize for best carbon capture technology.”

In a following tweet Musk said he would reveal more details next week.

International Energy Agency says that carbon capture technology involves the “capture of carbon dioxide from fuel combustion or industrial processes, the transport of this CO2 via ship or pipeline, and either its use as a resource to create valuable products or services or its permenant storage deep underground in geological formations.”

With Musk overtaking Amazon’s Jeff Bezos as the world’s richest man, the Tesla and SpaceX boss certainly has a few dollars to spare.

The tech mogul’s net worth passed $185 billion (£136 billion) earlier this month.

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