Elon Musk is donating $100 million for carbon capture technology

The head of Tesla and SpaceX has decided to invest $100 million in carbon capture and storage technology, Oilcapital reports.

Musk has pledged to donate $100 million through the Xprize Foundation for inventing the best technology for capturing carbon dioxide.

According to the International Energy Agency (IEA), there are currently about twenty projects globally for carbon capture, utilisation and storage or sequestration (CCUS). According to the IEA's estimates, about thirty new CCUS projects have been agreed in the world over the past four years. However, these measures are still not enough to achieve the goal of limiting the temperature rise on Earth to more than 1.5 degrees Celsius above pre-industrial levels.

This area's main problem remains the lack of commercially viable and industrially scalable carbon capture, utilisation and storage or sequestration.

To recap, the Tesla car company sold almost 500 thousand electric cars in 2020.

As reported, the United States requires Tesla to recall 158 thousand cars due to a malfunction.

Tags: legislation, USA, renewables, investments, ecology, decarbonisation, , carbon neutrality

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