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Elon Musk to offer $100 million prize for best carbon capture technology

Elon Musk has announced a donation of $100 million prize money for the best technology that can capture carbon dioxide.

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Elon Musk needs $20 billion wealth gain to clinch world's richest man title

Tesla Inc CEO Elon Musk on Thursday took to Twitter to promise a $100 million prize for the development of the “best” carbon capture technology.

Elon Musk wrote in a tweet, “Am donating $100M towards a prize for best carbon capture technology,” details next week.

Carbon capture technology is designed to prevent the release of CO2 generated through conventional power generation and industrial production processes by injecting the CO2 into suitable underground storage reservoirs.

According to Reuters, “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.”

Since the tweet was shared, it has garnered thousands of responses from people because of the jaw-dropping cash prize. A lot of people have started sharing their carbon capture ideas.

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.

Newly-sworn-in U.S. President, Joe Biden has pledged to accelerate the development of carbon capture technology as part of his sweeping plan to tackle climate change. On Thursday, he named Jennifer Wilcox, an expert in carbon removal technologies, as the principal deputy assistant secretary for fossil energy at the U.S. Department of Energy.

Besides Tesla, Elon also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

Janet John is a graduate of Chemical Engineering from the University of Uyo. She specializes in technical writing where she creates easy to read documentation, articles to clearly and efficiently explain highly complex processes. When she is not writing, she works as a freelance front-end developer

1 Comment

1 Comment

  1. Jawi Oladipo-Ola

    January 24, 2021 at 12:56 pm

    Hi, JJ
    I am Marketing Development consultant based in Ibadan, Oyo State
    I want to work with you on the cheapest electricity for utility in our home and workplace

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Market Views

Bears take Nigerian stocks hostage, investors lose N82.4 billion

Investor sentiment as measured by the market breadth closed negative with 12 advancers and 47 decliners.

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Bears

Nigeria’s all-share index fell further at the close of trading today, down by -0.40% to 39,364.67 points. Investors losses today stood at N82.35 billion.

  • Year-to-date return and market capitalization settled at -2.26% and N20.5 trillion, respectively.
  • Investor sentiment as measured by the market breadth closed negative with 12 advancers and 47 decliners.
  • Across coverage sectors, the performance was bearish. The NSE insurance, banking, consumer goods, and oil & gas sectors dipped 4.04%, 1.54%, 1.47%, 64 basis points, and 0.65%, respectively.
  • The flip side saw only the industrials improved marginally by 0.19%.

Top gainers

  1. UPL up 9.91% to close at N1.22
  2. MORISON up 9.09% to close at N0.6
  3. CAP up 5.26% to close at N20
  4. WAPCO up 3.59% to close at N20.2
  5. LIVESTOCK up 3.17% to close at N2.28

Top losers

  1. FIDSON down 10.00% to close at N4.41
  2. NNFM down 9.97% to close at N6.32
  3. ENAMELWA down 9.95% to close at N19.9
  4. NEM down 9.95% to close at N1.72
  5. NCR down 9.91% to close at N3.09

Outlook

Nigerian stocks ended the fourth trading session on a weaker note amid soaring oil prices prevailing at the U.S trading session.

  • Today’s bearish trading session was inclined by sell pressure on consumer ticker, DANGSUGAR which lost -6.25%. JBERGER, ARDOVA, and UBA also declined by -7.88%, 9.85%, and -3.64%, respectively.
  • Nairametrics expects intending buyers to seek the advice of certified stockbrokers.

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Coronavirus

President Buhari, Osibanjo to take Covid-19 vaccine on Saturday

President Buhari and his Vice, Yemi Osinbajo will receive shots of AstraZeneca/Oxford COVID-19 vaccines on Saturday.

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The Federal Government has announced that President Muhammadu Buhari and Vice-President Yemi Osinbajo, will receive shots of AstraZeneca/Oxford COVID-19 vaccines on Saturday to demonstrate vaccine safety to the public.

This follows the country’s receipt of the first batch of about 4 million doses of the AstraZeneca Covid-19 vaccine under the COVAX initiative and the planned launch of the national vaccination campaign.

This disclosure was made by the Executive Director of National Primary Health Care Development Agency (NPHCDA), Dr Faisal Shuaib, at the second edition of the State House briefing in Abuja on Thursday, which is focused on Nigeria’s response to the Covid-19 pandemic and the country’s national vaccination strategy.

He said that the exercise will boost the confidence of Nigerians to receive the about 4 million doses of AstraZeneca/Oxford Covid-19 vaccine that arrived in the country 2 days ago.

Shuaib said, “The next step in the vaccination programme given that we’ve now received the vaccines is a launch that will be taking place at the National Hospital tomorrow. The time scheduled for that launch is 10 am. The launch will be conducted by the Chairman of the Presidential Task Force on COVID-19, (Boss Mustapha).

“The plan is to vaccinate the frontline health workers that work in the treatment centre of the National Hospital, those will be the first people just like we’ve communicated that frontline health workers will be the first people to take the vaccines.

“Launch of National vaccination campaign will take place at the National Hospital Abuja, Friday, March 5, 2021, with Frontline health workers.

On Saturday, the plan is to vaccinate Mr President, Mr Vice-President and strategic leaders, to demonstrate vaccine safety to the public.

 Again, we are hopeful that when Nigerians see leaders like Mr President and Mr Vice-President take the vaccines; it will increase their confidence around the safety of the vaccines.

“As you are well aware that even before the vaccines arrived in Nigeria, there is a lot of hesitancy. It is a global phenomenon. Vaccine hesitancy is similar no matter where you are, you have to provide the right information and to those people who have questions, we cannot dismiss their cynicism.’’

The NPHCDA boss also said that state governments must certain requirements and obligations before the Covid-19 vaccines will be released to them.

He said, ‘’States have requirements and obligations to fulfil before the Covid vaccines will be released to them. They have to demonstrate they have taken steps to ensure proper storage, security, etc.’’

What you should know

  • It can be recalled that the much-awaited AstraZeneca/Oxford vaccine arrived at Nnamdi Azikiwe International Airport Abuja around noon on Tuesday, March 2, 2021, onboard an Emirates airline.
  • The receipt of the 3.92 million doses of the vaccine is the first batch from the over 16 million doses allocated to Nigeria through the COVAX initiative, aimed at vaccinating about 20% of the population.

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