FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard at the E3 gaming convention in Los Angeles -Billionaire entrepreneur Elon Musk on Thursday offered inventors $100 million in prize money to develop ways to fight global warming by removing carbon dioxide from the atmosphere or ocean.
Carbon capture and storage has drawn growing interest as a warming climate has melted glaciers, intensified tropical storms and resulted in "sunny day flooding" of more and more coastal areas. While countries are working to reduce emissions, scientists say carbon removal technology will also be crucial to the goal of getting emissions to net zero by 2050.
The technology is not yet commercially viable. Removing carbon can cost more than $300 per metric tonne in a world that each year emits greenhouse gases equivalent to about 50 billion tonnes of carbon dioxide. By 2050, some 10 billion tonnes of carbon capture may be needed, by some estimates. Musk has built a reputation as an industrialist focused on environmentalism, turning electric car maker Tesla into the world's most valuable vehicle company and expanding into solar power so customers can charge their rides carbon-free. He had conversations about the prize with Peter Diamandis, founder and executive chairman of the XPRIZE Foundation.
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