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22 Jan 2021 | 11:23

Elon Musk to donate $100m to carbon capture technology

(Sharecast News) - Elon Musk said on Thursday on Twitter that he will pledge $100m towards the development of carbon capture technology. The Tesla CEO, who was recently named as the richest man in the world, said that the funds would be a prize for the best project but did not provide any more details.

In another tweet, the inventor said more information would be released on the subject during the following week.

A person familiar with the plan told TechCrunch that the initiative will be connected to the Xprize Foundation, a non-profit organization that hosts competitions aimed at encouraging technological development and innovation.

Proponents of the technology, which until recently was seen by some observers as cop-out for 'Big Industry', argue that capturing and storing waste carbon dioxide could slow the advance of climate change.

Yet for other observers, the high upfront cost of carbon capture and storage or sequestration (CCS) was the biggest hurdle to adoption of the technology.

Although there are companies that are taking the plunge and investing in the tech. For instance, LanzaTech has developed technology that captures waste gas emissions and uses bacteria to turn it into usable ethanol fuel.
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