Elon Musk has $US100 million ($A130 million) burning a hole in his pocket.
The Tesla CEO, who earlier this month was named the world’s richest person, said he will award a massive prize to whoever is able to develop the best tool to capture planet-warming carbon emissions.
“Am donating $100 million towards a prize for best carbon capture technology,” Musk tweeted.
Carbon capture involves using machinery to trap carbon dioxide emitted from places like factories before it escapes into the atmosphere.
Capturing planet-warming emissions is becoming a critical part of many plans to keep climate change in check, but very little progress has been made on the technology to date, with efforts focused on cutting emissions rather than taking carbon out of the air.
The International Energy Agency said late last year that a sharp rise in the deployment of carbon capture technology was needed if countries are to meet net-zero emissions targets.
He named Jennifer Wilcox, an expert in carbon removal technologies, principal deputy assistant secretary for fossil energy at the US Department of Energy.
This story was originally published on the New York Post and is reproduced here with permission