Elon Musk will award a $ 100 million prize to the best carbon capture technology, the entrepreneur tweeted, adding that he would reveal details on this next week.
“I’m donating $ 100 million towards a prize for the best carbon capture technology,” Tesla CEO wrote on Twitter Thursday.
The donation could be part of an award associated with Xprize Foundation, a nonprofit that awards awards to technology that is changing the industry for a better, safer and more sustainable world, a person with knowledge of the plan told TechCrunch.
Decarbonising energy infrastructure, reducing greenhouse gas (GHG) emissions in heavy industries, and producing low-carbon hydrogen will be virtually impossible without carbon capture, use and storage (CCUS), the International Energy Agency (IEA) ) said in a report last year.
“Reaching net zero will be next to impossible without CCUS,” says the International Energy Agency (IEA).
Reinforced climate goals and increased government support have created new momentum in recent years for CCUS to become a large-scale, cost-effective solution to reduce emissions in many carbon-intensive industries.
The concept of carbon capture and related technologies has been around for years. But the fight against climate change has prompted governments, major oil and gas companies and scientists to pay increasing attention to the idea that sucking carbon from industrial emissions or directly from the air could be a way to reduce oil and gas emissions reduce gas. operations, as well as from emissions that are difficult to reduce in industrial processes such as steel, chemicals or cement production.
CCUS is gaining in popularity with governments trying to “build back greener” after the pandemic. It is also gaining popularity with some of the largest oil companies. It seems that everyone in the oil and gas sector and other heavy industries is now taking carbon capture seriously and working on related technologies, while governments are supporting such technologies as environmentally conscious investors and the general public will no longer have greenwashing and will need to take decisive action requirements.
By Tsvetana Paraskova for Oilprice.com
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