Tencent rolls out new carbon initiative

Tencent (0700) yesterday launched its second CarbonX program with a promise to provide "tens of millions of dollars" to support innovative decarbonization solutions.

Tencent said the CarbonX Program 2.0 is expected to attract proposals focused on cutting-edge technologies on carbon capture, utilization and storage, carbon dioxide removal, and long-duration energy storage technologies.

The tech giant said on its website that the program would build "first of its kind pilot projects" in a real industrial setting.

The CarbonX 2.0 partners with key stakeholders across sectors, including China Resources, Conch Cement (0914), Great Carbon Valley, HBIS Group and SCG, Sasoland Sinopec Carbon Industry Technology, HAY, McDonald's China, PepsiCo, Pop Mart International (9992) and Unilever.

Eight investment partners including China Merchants Venture and ecosystem partners such as African Development Bank and Asian Development Bank will also join the program.

Application will be open through May 2025 and successful entries will be selected in two phases by February 2026.

In the first edition this year, Tencent provided a total of around 100 million yuan (HK$106.8 million) of financial support to 13 winning teams.

Themis Qi