Elon Musk announced on Twitter that he is promising a $100 million prize for the best carbon capture technology. Not much is known about the competition yet, but he said that he will post more information next week. Carbon capture technology is a hot topic as of late. Last year, the International Energy Agency (IEA) said that carbon capture technology is necessary for countries to meet the ambitious, and necessary, net-zero emission targets.
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Elon Musk Announces $100 Million Prize For 'Best Carbon Capture Technology'
Carbon capture technology removes carbon from the air.
One way to remove carbon is to trap it before it is emitted from factories. There are several different methods to do this. A filter could be attached to the chimney, or another outlet that uses a solvent that can dissolve the carbon and store it. Once used, the filter can then be stored to sequester the carbon. Another company, LanzaTech, uses bacteria to turn emissions into ethanol, which could then be transformed into many different products.
Carbon capture technology will give us more time to move to sustainable development.
Right now, it is too difficult or expensive for some heavy industries to change to clean energy. Carbon capture systems could be a cost-effective solution in the short term. The IEA believes that carbon capture technologies can reduce emissions by a fifth and reduce the cost of tackling the climate crisis by 70%.
The prize is delighting those in the industry.
Aniruddha Sharma, the CEO of Carbon Clean, told CNBC that he was delighted to see the announcement. He went on to say, “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.”
Climate change is a serious problem that requires immediate attention.
As of right now, there are only 20 carbon capture, usage, and storage companies operating worldwide. There are another 30 companies in the process of starting up. But much more investment is needed to stop temperatures from continuing to rise. Carbon capture is a promising industry and business leaders like Elon Musk investing in the industry is a good way to shed light on the investment opportunities.
h/t: CNBC
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