Elon Musk Offers $100MM Carbon Capture Prize

Elon Musk Offers $100MM Carbon Capture Prize
Elon Musk has announced on Twitter that he is donating $100 million towards a prize for the best carbon capture technology.

Elon Musk has announced on Twitter that he is donating $100 million towards a prize for the best carbon capture technology.

 

 

Musk noted that details of the prize would be revealed in the week commencing January 25. In a tweet on January 8, Musk said that “critical feedback is always super appreciated, as well as ways to donate money that really make a difference”. He described the latter action as “way harder than it seems”.

 

 

Following Musk’s announcement, the NECCUS Alliance issued a rallying call to Scotland, stating “we can win this”.

 

 

Musk co-founded and leads Tesla, SpaceX, Neuralink and The Boring Company. Since Tesla’s inception in 2003, its mission has been to accelerate the world’s transition to sustainable energy, the company’s website states.

NECCUS is an alliance of industry, government and experts united by their determination to drive the changes and support the programs needed to reduce carbon emissions from industrial sources in Scotland and beyond, according to its website. A project known as Acorn is said to be at the heart of the alliance. Acorn is set to deliver a carbon capture and storage program for Scotland by 2024, which can be scaled-up to support other carbon reduction projects across the UK and Europe in the 2020s, the NECCUS website outlines.

The COP26 summit, which is being held in Scotland in November this year, will bring parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change, its website states.

Carbon Capture and Storage can play a key role in the UK economy achieving net zero and could lead to the UK offshore oil and gas sector becoming carbon negative, according to the UK oil and gas authority, which issued its first carbon dioxide appraisal and storage license as an independent regulator back in December 2018. In a fact sheet on its website, the OGA notes that the UK oil and gas industry is well positioned to redeploy its skills, capabilities and existing infrastructure to accelerate carbon capture and storage deployment.

To contact the author, email andreas.exarheas@rigzone.com



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