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Elon Musk To Offer $100 Million Prize For ‘Best’ Carbon Capture Tech

Elon Musk on Thursday took to Twitter to promise a $100 million prize for development of the “best” technology to capture carbon dioxide emissions. He said more details would be coming “next week.” Reuters reports: Capturing planet-warming emissions is becoming a critical part of many plans to keep climate change in check, but very little progress has been made on the technology to date, with efforts focused on cutting emissions rather than taking carbon out of the air. The International Energy Agency said late last year that a sharp rise in the deployment of carbon capture technology was needed if countries are to meet net-zero emissions targets.

Newly-sworn-in U.S. President Joe Biden has pledged to accelerate the development of carbon capture technology as part of his sweeping plan to tackle climate change. On Thursday, he named Jennifer Wilcox, an expert in carbon removal technologies, as the principal deputy assistant secretary for fossil energy at the U.S. Department of Energy.

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