Tesla boss pledges to donate $100m to the ‘best’ carbon capture tech

Elon Musk plans to share more details about the prize next week

Big Zero Report 2022

Tesla and SpaceX boss Elon Musk has pledged to launch a $100 million (£73.1m) prize for the development of the best carbon capture technology.

He wrote on Twitter: “Am donating $100 million towards for best carbon capture technology. Details next week.”

The entrepreneur, who recently became the world’s richest person after Tesla’s share price skyrocketed, has recently highlighted the role of governments and industries in subsidising applications that capture carbon from the atmosphere.

The newly sworn-in President Joe Biden has already committed to increasing the federal investments in carbon capture technology and give more tax incentives for carbon capture, use and storage (CCUS) projects.

According to a report by the Royal Academy of Engineering and Royal Society, it is estimated that 130 megatonnes of carbon dioxide will need to be removed from the atmosphere to make the UK carbon-neutral.

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