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Elon Musk Announces $100 Million Prize To Develop This Technology

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Capturing planet-warming emissions is becoming an important part of many plans to curb climate change, but to date there has been little progress on technology, focusing on emission reductions rather than extracting carbon from the air.

Tesla Inc. chief and billionaire entrepreneur Elon Musk on Thursday promised a $ 100 million prize for developing the “best” technology to capture carbon dioxide emissions.

Capturing planet-warming emissions is becoming an important part of many plans to curb climate change, but to date there has been little progress on technology, focusing on emission reductions rather than extracting carbon from the air.

The International Energy Agency said at the end of last year that a rapid increase in the deployment of carbon capture technology was needed if countries were to meet net-zero emission targets.

Musk donated $ 100M for the award for Best Carbon Capture Technology, Elon Musk

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wrote in a tweet, followed by a second tweet that promised” details next week. “

Tesla officials did not immediately respond to a request for additional information.

Musk, who co-founded and sold Internet payment company PayPal Holdings Inc., now heads some of the world’s most futuristic companies.

In addition to Tesla, he leads the rocket company SpaceX and Neuralink, a startup developing ultra-high bandwidth brain-machine interfaces to connect human brains to computers.

Newly sworn US President Joe Biden has pledged to accelerate the development of carbon capture technology as part of his comprehensive plan to tackle climate ch ange. On Thursday, he named Jennifer Wilcox, an expert on carbon removal technology, as the deputy assistant secretary for fossil energy at the US Department of Energy.

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