Elon Musk to offer $100m for best carbon capture technology

Tesla and SpaceX CEO and entrepreneur Elon Musk on Thursday tweeted he was willing to offer a $100 million bounty for the best carbon capture technology.

Carbon capture technology is considered essential in reducing carbon emissions and may help reduce the active amount of carbon dioxide in the atmosphere.

Read more: Tesla commences construction of world's largest battery factory plant near Berlin

CO2 is a primary greenhouse gas and is directly responsible for global warming.

Little progress has been made in the field of carbon capture technology as it is still a relatively fledgeling science.

Officials such as the International Energy Agency (IEA) has been pushing for countries to invest in carbon capture technology and have warned it may be necessary for countries to meet their climate targets or to push for net-zero emissions in a timely manner.

Musk added that he would give more "details next week."

Read more: Elon Musk hopes to half Tesla battery prices within three years

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