Tencent Unveils New CarbonX 2.0 Program to Drive Global Climate Tech Innovation

Tencent's CarbonX 2.0 Initiative

Tencent has today launched the CarbonX 2.0 program, marking a significant step in its ongoing commitment to combating climate change through innovative technology. As part of its strategy to support the development of climate solutions, Tencent aims to promote the next generation of climate technologies and the essential capabilities necessary for a net-zero emissions world by 2050. The initial phase focused on projects within China, but with CarbonX 2.0, the program is now open to promising innovations from around the globe, providing funding and resources to catalyze development.

The challenge of climate change is immense; reports indicate that 75% of the solutions needed for decarbonization rely on technologies that are not yet fully mature. Driven by its mission of ‘Tech for Good,’ Tencent's CarbonX program intends to assist in developing these technologies, playing a crucial role in helping businesses and society meet the ambitious goals set out in the Paris Agreement.

The program calls for proposals and plans to invest tens of millions of dollars to support innovative startups in four key areas:

1. Carbon Dioxide Removal (CDR): Focusing on extracting significant quantities of CO2 from the atmosphere, the initiative emphasizes technological solutions that ensure the permanence of this removal. Pilot projects will be launched in Kenya.
2. Long-Duration Energy Storage (LDES): This aims to enhance the proportion of renewable energy in power grids. The initiative will conduct pilot projects of 100 kilowatts in the Maldives, designed to provide over six hours of energy storage.
3. CCUS (Carbon Capture, Utilization, and Storage) for the steel industry: Exploring methods to decarbonize this critical yet challenging industry. Unlike validating mature technologies, pilot projects in Serbia will advance next-generation point-source CCUS technologies.
4. CarbonXmade (CCU - Carbon Capture and Utilization): This includes integrating captured carbon into chemical production and consumer products via the CarbonXmade consortium, supporting the development of innovative product prototypes.

The launch of CarbonX 2.0 has fostered a growing network of partners across various sectors. Industrial collaborators include China Resources, Conch Cement, Great Carbon Valley, HBIS Group, and SCG. Additional partners, such as Sasol and Sinopec Carbon Industry Technology, have joined the CarbonXmade consortium. Consumer product companies like HAY, McDonald's China, PepsiCo, Pop Mart International Group, and Unilever are also part of this initiative.

Investment partners include Africa Climate Ventures, CASSTAR, China Merchants Venture, Copec WIND Ventures, Happiness Capital, HongShan Capital Group, Lightspeed China Partners, and MPCi. Additionally, the program is reinforced by ecosystem partners such as the African Development Bank, Asia Development Bank, the Global CCS Institute, Impact Hub, the Sustainable Markets Initiative, and XPrize.

Davis Lin, Senior Vice-President of Tencent, emphasized the urgency of the climate challenge, stating that there is an undeniable need to swiftly bring suitable technologies to market and stimulate significant changes. He noted that the CarbonX program is dedicated to identifying and advancing these solutions, ensuring a tangible transition from laboratories to practical applications. With the second edition of CarbonX, Tencent aims to foster an international ecosystem that speeds progress toward net-zero emissions.

Professor Jerry Yan, an associate member of the European Academy of Sciences and Arts and co-chair of the CarbonX Expert Committee, stated that combating climate change requires large-scale solutions not limited to specific technologies but having a global impact. He stressed the need to hasten innovation by encouraging collaboration across sectors and regions, while also catalyzing the deployment of all viable solutions to meet climate goals.

The application phase for the program is currently open, with submissions accepted until May 2025 from participants worldwide, including early-stage startups, established companies, and academic institutions. The selection process will unfold in two stages. In the first phase (by September 2025), 10 to 15 teams will be pre-selected per demonstration scenario based on their potential for significant impact. The final phase (by February 2026) will identify 1 to 3 winning teams per scenario.

Successful teams will receive grants and additional resources to develop and implement their projects. Assessments will be carried out by a distinguished panel of experts from academia, industry, and finance, who will select the most promising teams based on innovation, potential impact, and feasibility of implementation.

The unveiling of CarbonX 2.0 took place at the Sustainable Social Value Innovation Summit (S Summit) in Beijing, an event that gathers businesses, thought leaders, practitioners, researchers, and advocates to discuss accelerating development goals through an innovative ecosystem and inspiring collective action.

For more detailed information about the CarbonX 2.0 initiative, please visit the CarbonX Program website.