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Elon Musk to present $ 100 million award for best carbon capture technology, entrepreneur tweeted, adding that he would release details on the matter next week.
“I’m donating $ 100 million for a Best Carbon Capture Technology award,” Tesla’s chief executive wrote on Twitter on Thursday.
The donation could be part of an award linked to the Xprize Foundation, a nonprofit that awards technology that is changing the industry for a better, safer and more sustainable world, said a person with knowledge of the shot at TechCrunch.
Decarbonizing energy infrastructure, reducing greenhouse gas (GHG) emissions in heavy industries and producing low carbon hydrogen will be virtually impossible without Carbon Capture, Use and Storage (CCUS) , the International Energy Agency (IEA)) said in a report last year.
“Achieving net zero will be virtually impossible without CCUS,” says the International Energy Agency (IEA).
Strengthening climate targets and increased government support have created new momentum in recent years for CCUS to become a large-scale, cost-effective solution to reducing emissions in many carbon-intensive industries.
The concept of carbon capture and associated technologies have been around for years. But the fight against climate change has prompted governments, large oil and gas companies and scientists to pay increasing attention to the idea that sucking carbon from industrial emissions or directly from the air could be a way to reduce oil and gas emissions. operations, as well as emissions that are difficult to reduce in industrial processes such as the production of steel, chemicals or cement.
CCUS is increasingly popular among governments trying to “build back greener” after the pandemic. It is also gaining popularity with some of the biggest oil companies. It seems like everyone in the oil and gas industry and other heavy industries now takes carbon capture seriously and works on related technologies, while governments are supporting these technologies because environmentally conscious investors and the general public will no longer have greenwashing and will demand decisive action.
By Tsvetana Paraskova for OilUSD
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