Elon Musk, founder and CEO of electric car maker Tesla Motors, has said he will donate USD 100 million as a prize for the best carbon capture technology.

Musk, who also owns aerospace company SpaceX, pledged the money in a tweet, adding later that he would reveal more details next week.

Carbon capture is seen as critical for the energy transition and climate goals

Carbon capture and storage, which involves capturing CO2 before it is emitted into the air, is seen as critical in the energy transition and for achieving climate goals.

Am donating $100M towards a prize for best carbon capture technology

— Elon Musk (@elonmusk) January 21, 2021

It involves capturing CO2 from large sources, such as fossil fuel power plants or industrial facilities, or even from the atmosphere. The captured CO2 can be used for various applications or stored permanently underground.