In February 2018, Elon Musk’s company, Tesla, unveiled a new technology for the world to curb global warming and to build clean energy.
Called the Powerwall, the technology uses carbon capture, storage, and recycling to capture carbon dioxide and turn it into electricity.
“What it is is the ability to capture and store CO2, which will help you reduce your carbon footprint,” Musk said in a video announcing the technology.
The Powerwall has been marketed by the company as the world’s most powerful solar-powered home battery.
The product is priced at around $1,000, with plans to expand to residential and commercial use.
It has also been described as the first-ever mass-market carbon capture device, a term coined by environmental advocacy group Greenpeace in 2015 to describe a system that could be used to store carbon dioxide for a longer period of time and produce power more efficiently.
In June 2018, Tesla also launched the Powerpack, a carbon capture system that uses carbon dioxide from a coal-fired power plant as an alternative fuel source.
It is the first mass-production system to be built for the Powerpacks, which are being sold through Tesla dealerships worldwide.
According to Bloomberg, the Powerpak system can capture a total of about 1.8 million tons of CO2 a year.
The Carbon Capture and Storage Technology (CCS) revolution is not only about using technology to curb carbon emissions but also to help the world deal with climate change, Bloomberg reports.
CCS technology is a suite of technologies developed to capture CO2 from sources including power plants and vehicles, and then release it to the atmosphere.
The technology can be used by many different countries around the world, including those in developing countries, Bloomberg says.
A company called TerraPower is the world leader in carbon capture technology, with about 70 percent of its systems being installed in the United States.
TerraPower has a total installed capacity of about 3,600 tons, according to Bloomberg.
It was acquired by General Electric in 2018, according an investor presentation.
The CCS revolution is also helping the global economy.
In 2018, the US economy was growing at a 3.6 percent annual rate.
But it contracted by 2.2 percent in 2019, according the US Department of Commerce, and by 0.8 percent in 2020.
The economy has not been growing as fast since the late 1980s, and many economists expect it to remain weak in the years ahead.
“We’re very excited about this,” Bill Gates, the CEO of Microsoft, told Bloomberg.
“The future is bright, but it is going to take some time for it to take off.”
As the Carbon Capture technology matures, more people are turning to it for solutions to their carbon-related emissions.
The US, Europe, and China are the world leaders in carbon-capture technology, and companies like General Electric and TerraPower are also working on systems that could potentially capture CO 2 from power plants, according Bloomberg.
The United Nations predicts the world will need to use as much as 1.3 billion metric tons of carbon-neutral power to be carbon neutral by 2050.
“In a lot of cases, the power generated from that is going back into the grid, which is where the carbon dioxide is stored,” John Schuster, the executive director of the Carbon Disclosure Project, told Business Insider.
“It’s an economic benefit that we can’t get away from.”
CCS is already in place in the US, where some states are planning to introduce the technology for residential and business use.
The UK is also moving ahead with the introduction of its own carbon capture systems, with the first phase of the project slated to begin this year.
In the US and Canada, states are also planning to install more than 100,000 Powerpacks.