Elon Musk Pledges to Donate $100mln For The Best Carbon Capture Technology Invention

January 22, 2021 10:17 AM EST

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Elon Musk, and CEO of Tesla and SpaceX, has committed to donating $100 million towards a prize for the best carbon capture technology.

“Am donating $100M towards a prize for best carbon capture technology,” Musk tweeted on Thursday before adding that more details will be shared next week.

Carbon capture technology aims to identify and capture CO2 from power plants and other industrial processes instead and stop it from being emitted into the atmosphere.

“In 2018 the Intergovernmental Panel on Climate Change (IPCC) released findings declaring that carbon capture and storage is essential to mitigating climate change. It’s 2021 and the world isn’t getting cooler — now is the time to invest in proven solutions. We’re not far off a scalable, low-cost solution,” Aniruddha Sharma, CEO of carbon capture technology developer Carbon Clean.

Musk is the world’s richest person with a net worth of around $200 billion. Tesla’s market capitalization increased by more than ninefold over the past year, helping Musk to go from $27 billion a year ago to over $200 billion at the moment.

In a tweet sent last week, Musk asked followers to help him find efficient ways of donating his wealth.

“Critical feedback is always super appreciated, as well as ways to donate money that really make a difference (way harder than it seems),” he tweeted.

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