Elon Musk promises $100M prize for ‘best’ carbon capture technology

Tesla chief and the world’s richest man Elon Musk on Thursday promised a $100 million prize for development of the “best” technology to capture carbon dioxide emissions.

“Am donating $100M towards a prize for best carbon capture technology,” Musk wrote on Twitter. “Details next week.”

Am donating $100M towards a prize for best carbon capture technology

— Elon Musk (@elonmusk) January 21, 2021

The increasing concentration of CO2 in the atmosphere has led to dramatic climatic changes over the past few decades, and scientists warn that unless immediate action is taken, the planet will soon pass a point of no return.

In December last year, the International Energy Agency said that a sharp rise in the deployment of carbon capture technology was needed if countries are to meet net-zero emissions targets.

Musk leads some of the most futuristic companies in the world. Besides Tesla, he is the founder of SpaceX; founder of The Boring Company; co-founder of Neuralink; and co-founder and initial co-chairman of OpenAI.

Related news | Musk confirms Tesla’s India entry, BJP replugs Modi’s photo with him

Earlier this month, Musk confirmed his India plans for Tesla centres in five states. “As promised,” he wrote on Twitter in a thread linking to a blog called ‘Tesmamian’, which said Tesla cars will be expensive but may eventually become more affordable for the Indian middle class when the company starts production.

“Many people assume that if most of the country’s population is poor, then there is no market for Tesla. However, they need to understand that the company is not aimed at selling cars to the entire population of India. In fact, out of 1.387 billion people, the producer is targeting a smaller (relative to the entire population), but a rather wealthy segment of the population,” Tesmanian said.