$100M Prize money from Elon Musk of Tesla & Space X!
Updated: Jan 29
Tesla and SpaceX CEO Elon Musk has announced that he is donating $100 million towards a prize for the best technology that can absorb co2. Musk, who overtook Amazon founder Jeff Bezos to end up being the world's wealthiest individual this month, made the statement on Twitter late Thursday, saying he would share more information next week. " Am contributing $100M towards a prize for best carbon capture innovation," Musk tweeted to his 42.7 million followers. Carbon capture is the process of trapping waste co2 either straight from the air, or just before it gets emitted from factories and power plants. With the latter, the initial step is typically to install solvent filters on factory chimneys, which capture the carbon emissions before they're released into the Earth's atmosphere. As soon as caught, carbon dioxide can then be delivered or piped somewhere it can't leave from (often deep underground) to prevent it contributing to international warming. Most of the absorbed co2 remains underground, but a few of it can likewise utilized to make plastics and carbonated drinks. Why is carbon capture required? Worldwide co2 emissions have soared over the last 100 years, leading to unprecedented global warming and climate change. There are presently around 20 carbon use, capture and storage (CCUS) jobs running commercially worldwide, according to the International Energy Agency. The firm said that 30 new tasks had been concurred considering that 2017, but stressed that much more were required to prevent carbon emissions from raising the temperature on Earth by more than 1.5 degrees Celsius above pre-industrial levels. The IEA believes CCUS tasks could minimize carbon emissions by practically a 5th, while likewise slashing the cost of taking on the environment crisis by 70%. Adapting heavy industry to work on tidy energy is relatively tough and pricey compared to setting up carbon capture systems. U.S. President Joe Biden has actually promised to put more of a concentrate on cutting emissions than his predecessor and stated he wants the U.S. to be carbon neutral by 2050. ' Plant more trees' The prize that Musk has actually stated he will add to is connected to the Xprize Foundation, TechCrunch reported, citing an anonymous source. The structure is a nonprofit that places on competitors to support and promote development. Aniruddha Sharma, CEO of carbon capture innovation developer Carbon Clean, stated he's "pleased" to see serial business owner Musk "put both his money and his name behind carbon capture." He added: "In 2018 the Intergovernmental Panel on Climate Change (IPCC) launched findings stating that carbon capture and storage is essential to mitigating environment modification. It's 2021 and the world isn't getting cooler-- now is the time to buy proven services. We're not far off a scalable, low-priced service." According to the Bloomberg Billionaire Index, Musk has a total net worth of $201 billion, while Bezos has $193 billion. Microsoft creator Bill Gates is the next most affluent individual, with an overall net worth of $134 billion. Musk recently asked his Twitter followers what he ought to do with his money. "Critical feedback is always extremely appreciated, along with methods to contribute cash that actually make a difference (method harder than it seems)," he tweeted Jan. 8.