Saturday, January 29, 2022

Elon Musk allocates $ 100 million for the “Best Carbon-capture tech” award

Elon Musk, founder and president of Tesla, said he plans to donate $ 100 million as a prize to develop the best carbon-capture technology, weeks after he was named the richest person on the planet.

Musk announced the value of the award on Twitter, saying, “I donate $ 100 million, the value of a prize to develop the best carbon capture technology,” adding: “Details next week.”

The net worth of the founder of “Tesla” increased in 2020, surpassing Jeff Bezos, owner of “Amazon”, as the electric car manufacturer continued to make profits, attracted large numbers of individual investors, and its shares were listed in the “Standard & Poor’s 500” index.

Musk, who was born in South Africa now, is worth $ 201.4 billion, according to the Bloomberg Riches Index, and one of his first reactions after winning the title of the richest person was to seek advice about disposing of his gigantic fortune, after initially showing apathy.

Musk, 49, started out in philanthropy, compared to the wealthy who entered the Bloomberg ranking of the 500 richest people in the world.

Donations are scarce

Despite his signature on the Giving Pledge, which is “a campaign to encourage the world’s wealthy to donate and contribute part of their wealth to charitable projects,” he has given relatively little in the field of charitable work.

Musk donated more than $ 257 million to the Musk Foundation, equivalent to about 0.1% of his current net worth, which in turn distributed $ 65 million between 2016 and 2018 to about 200 non-profit organizations, according to an analysis by the company. Quartz.

By resorting to social media to seek advice and contribute to charitable work, Musk is following the example of Bezos, who asked his followers on Twitter to provide suggestions about his contribution to charitable work in 2017.

Musk’s focus on carbon capture aligns with his other business interests, which focus heavily on technological solutions to pressing environmental problems.

Carbon capture tech

Carbon capture and storage is a combination of different technologies, all of which share one goal, which is to “trap carbon dioxide”, one of the greenhouse gases that causes the planet to warm and prevent its release into the atmosphere. Carbon dioxide can be installed to capture emissions from power stations. Or industry or even straight off the air.

There are about twenty large-scale factories around the world, which can capture about 40 million metric tons of carbon dioxide annually, equivalent to about 0.1% of the global total annually.

Musk pointed out that the reason he accumulated the wealth was to voluntarily abandon it or at least redirect it to projects that satisfy his passions, namely space exploration.

“It will take a lot of resources to build a city on Mars,” Musk told German publisher Axel Springer, referring to building a city on Mars.

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