By
Svetlana Soroka
April 18th, 2024
While Climate change amelioration pursuits have advanced in the past decade, many startups with a focus on sustainable energy utilization have emerged with new technologies to advance CCS Technology.
The Chief Executive Officer of electric vehicle manufacturer Tesla Inc (NASDAQ: TSLA) Elon Musk has revealed his intentions to donate as much as $100 million in awards to the best Carbon Capture and Storage (CCS) Technology. Elon Musk who recently ranked as the world’s richest man ahead of Jeff Bezos, the CEO of Amazon.com Inc (NASDAQ: AMZN), revealed this plan in a Twitter post on Friday, adding that more details about the award will be unveiled next week.
Am donating $100M towards a prize for best carbon capture technology
— Elon Musk (@elonmusk) January 21, 2021
Climate change amelioration has been one of the biggest focuses of the 21st century. World governments are upbeat about regulations that can bring about the reduction in Carbon and Greenhouse gas emissions in a bid to reduce the rate of degradation of the Ozone layer. Regulations have compelled companies to develop strategies to reduce the emission of Carbon Di Oxide from their processes as well as being involved in Carbon Capture and Storage technology.
Elon Musk’s Tesla has been advancing its aim to churn out electric vehicles, a big deviation from the cars which uses fossil fuels and while it cannot be determined at this time whether the challenge was made public to help reduce Tesla or SpaceX’s Carbon footprint, a source close to the plans told TechCrunch that this will be connected to Xprize Foundation, the non-profit organization that host competitions aimed at encouraging technological development and innovation.
CCS Technology Has a Mainstay in Some Startups Today
While Climate change amelioration pursuits have advanced in the past decade, many startups with a focus on sustainable energy utilization have emerged with new technologies to advance CCS Technology.
One of such companies known as Global Thermostat is advancing Carbon Capture and Storage in a unique manner. Global Thermostat was Co-founded by Graciela Chichilnisky, an architect of the Kyoto Protocol’s carbon market, and Peter Eisenberger, founder of the Earth Institute at Columbia University, and the company has developed a proprietary technology that uses low-cost leftover process heat to grab carbon pollution from power plants — which then can be sold back to other companies as a power source.
This is one of the major mainstays of CCS technology, which involves not just the capture of harmful C02 in the atmosphere or from industrial processes but also converting or recycling the substance into a reusable product.
Besides Global Thermostat and the smaller startups, big corporations including Shell and NRG Energy are also renowned for developing cutting edge CCS Technologies.
The push for policies to favor climate change initiatives and the development of CCS and other related technologies may be one of President Joe Biden’s action points. The new President rejoined the Paris Climate Accord, an initiative spun by a body of sovereign nations towards addressing climate change concerns.