#China #Beijing #Tencent #CarbonX #Climate-Tech

Tencent Launches CarbonX Program 2.0

On December 5, 2024, Tencent announced the introduction of the CarbonX Program 2.0, a transformative initiative aimed at accelerating climate-tech innovations worldwide. This follows a successful first phase that focused on projects within China, now looking to harness promising innovations from around the globe. The primary goal of this initiative is to support the development and implementation of next-generation climate technologies, contributing to the ambitious target of global climate neutrality by 2050.

In the race against climate change, one of the major challenges lies in the fact that 75% of the necessary solutions for decarbonization are based on technologies that remain underdeveloped. The CarbonX Program aspires to scale these technologies swiftly to help meet the targets outlined in the Paris Agreement. This initiative aligns with Tencent's mission of "Tech for Good."

The CarbonX Program invites proposals and pledges to invest tens of millions in support of innovative early-stage technologies across four critical areas:

1. Carbon Dioxide Removal (CDR): This involves removing and permanently binding historical emissions from the atmosphere through technological solutions, with pilot projects set to launch in Kenya.
2. Long-Duration Energy Storage (LDES): This initiative aims to enhance the share of renewable energy in power grids and will kick off a pilot project in the Maldives, allowing energy storage of 100 kilowatts for over six hours.
3. CCUS for the Steel Industry: This focuses on developing decarbonization solutions specifically for the steel sector. Instead of verifying established technologies, the initiatives will advance next-generation CCUS technologies centered around point sources in Serbia.
4. CarbonXmade (CCU): The integration of bound carbon into chemical production and consumer goods through the CarbonXmade consortium aims to create innovative product prototypes, fostering a seamless carbon value chain from chemicals to consumer goods.

The CarbonX Program brings together an expanding network of partners from various sectors, including industrial giants like China Resources, Conch Cement, Great Carbon Valley, HBIS Group, and SCG. Additional industry partners such as Sasol and Sinopec Carbon Industry Technology have joined the CarbonXmade consortium alongside consumer goods producers, including major brands like HAY, McDonald's China, PepsiCo, Pop Mart International Group, and Unilever.

Investment partners such as Africa Climate Ventures, CASSTAR, China Merchants Venture, Copec WIND Ventures, Happiness Capital, HongShan Capital Group, Lightspeed China Partners, and MPCi are also key players in this initiative. Furthermore, collaboration with organizations like the African Development Bank, the Asian Development Bank, the Global CCS Institute, Impact Hub, Sustainable Markets Initiative, and XPrize further strengthens the program.

Davis Lin, Tencent's Senior Vice President, emphasized the urgency of our climate crisis, stating, "To meet this challenge, we need to bring the right technologies to market faster. Our CarbonX Program aims to identify, promote, and support the transition of these solutions from the lab to application. In this second phase, we strive to build an international ecosystem to accelerate the path towards climate neutrality."

Professor Jerry Yan, Co-Chair of the CarbonX Expert Committee and a member of the European Academy of Sciences and Arts, remarked, "The fight against climate change requires scalable solutions that are not confined to specific technologies, but rather driven by their potential for global impact. We must accelerate innovation by enhancing collaboration across sectors and regions while driving the implementation of viable solutions to ensure they evolve and scale in line with our climate goals."

The program is now open for applications, accepting submissions from participants worldwide until May 2025, including early-stage startups, established companies, scientists, and research institutions. The selection process will unfold in two phases:

• - Phase One (until September 2025): Each area will shortlist 10 to 15 teams based on their potential for significant contributions.
• - Phase Two (until February 2026): From each group, one to three winning teams will be chosen per area.

Winning teams will receive financial grants and additional resources to secure the development and implementation of their projects. An eminent jury of experts from science, industry, and finance will assess all applications, selecting the most promising approaches based on their degree of innovation, potential impact, and feasibility.

The CarbonX 2.0 launch was highlighted at the Sustainable Social Value Innovation Summit in Beijing, also known as the S Summit, which brought together companies, thought leaders, practitioners, researchers, and advocates to discuss how businesses can accelerate the implementation of UN sustainable development goals, build an innovation ecosystem, and spur collective action.

For more details on the CarbonX Program, visit their official website.