What is Carbon capture technology?

Carbon capture technology is the use of technological solutions to address the issue of carbon emission, which in turn would address the global warming via greenhouse gas effect. It involves the capture of carbon dioxide (mostly at the source itself) and storage in isolated conditions, such as underground. The technology is already in use by the oil and gas industries to improve recovery. Only recently, the technology is being considered for environmental purposes. Recently, Elon Musk announced a 100 million USD prize for the ‘best carbon capture technology’.