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Tencent Launches CarbonX 2.0: A Global Climate Initiative

On December 5, 2024, Tencent announced the launch of its CarbonX 2.0 program, a significant advancement in its initiative to foster the next generation of climate technologies. This program is designed to develop essential capabilities that are crucial for achieving net-zero emissions by 2050. After the success of its first phase in China, CarbonX 2.0 expands its reach to identify and support promising innovations globally through funding and catalytic resources.

In the critical fight against climate change, a pressing challenge emerges: approximately 75% of the solutions needed for decarbonization rely on technologies that are still under development. Guided by its mission of 'Tech for Good', Tencent aims to accelerate these emerging technologies, enabling them to play a key role in helping businesses and society meet the ambitious goals set in the Paris Agreement.

The CarbonX program is seeking proposals and plans to invest tens of millions of dollars to support innovative early-stage technologies across four fundamental areas:

1. Carbon Dioxide Removal (CDR): This involves extracting historical emissions from the atmosphere, emphasizing technological solutions that ensure permanent carbon removal. Pilot projects for this area will take place in Kenya.

2. Long Duration Energy Storage (LDES): The objective is to develop strategies that enhance the use of renewable energy in power grids. Pilot projects with a capacity of 100 kilowatts will be deployed in the Maldives, aimed at achieving energy storage of more than six hours.

3. CCUS for the Steel Industry: The initiative aims to explore solutions that decarbonize this essential yet challenging industry. Unlike simply reopening existing technologies, the pilot projects in Serbia will focus on advancing new generation point-source CCUS technologies.

4. CarbonXmade (CCU): This area integrates captured carbon into chemical production and consumer products via the CarbonXmade consortium. The initiative will promote the development of innovative product prototypes to create an integrated value chain from carbon to chemical and consumer goods.

With the launch of CarbonX 2.0, Tencent is assembling an ever-expanding network of partners from all sectors. Notable industry partners include China Resources, Conch Cement, and Great Carbon Valley, as well as reputable stakeholders in consumer products such as McDonald’s China, PepsiCo, and Unilever.

Investor partners comprise Africa Climate Ventures, Lightspeed China Partners, and several others that span across different investment fields. The program receives backing from ecosystem partners like the African Development Bank and the Asian Development Bank.

Davis Lin, Tencent's Senior Vice President, remarked, "The urgency of our climate challenge is undeniable, and addressing it necessitates bringing the right technologies to market faster for significant change. Our CarbonX program is dedicated to identifying and nurturing these solutions, helping transition them from the laboratory to real-world applications. With this second iteration, we aim to foster an international ecosystem that accelerates progress toward carbon neutrality."

Professor Jerry Yan, a member of the European Academy of Sciences and Arts, commented on the need for large-scale solutions that are not specific to one technology but driven by their global impact potential. He emphasized the importance of accelerating innovation through cross-sector and regional collaboration to ensure effective deployment of viable solutions aligned with climate goals.

The program will accept proposals until May 2025, welcoming organizations from around the globe, including startups, established companies, academic institutions, and research entities. The selection process will occur in two phases:

• - Phase One (by September 2025): Approximately 10 to 15 teams will be preselected for each demonstration scenario based on their potential for significant impact.
• - Phase Two (by February 2026): From each group, 1 to 3 winning teams will be chosen per scenario.

Selected teams will receive grants and additional resources to develop and implement their projects. A distinguished panel of experts across academia, industry, and finance will evaluate proposals and select the most promising teams based on innovation, impact potential, and feasibility.

CarbonX 2.0 was announced at the Sustainable Social Value Innovation Summit in Beijing, an inaugural event gathering companies, thought leaders, professionals, researchers, and advocates to explore how businesses can expedite the achievement of the UN's Sustainable Development Goals through innovation and collective action.

For more details about CarbonX 2.0, visit the CarbonX Program website.