Tencent Announces Winners of Flagship CarbonX Program to Combat Climate Change

Rhea-AI Summary

Tencent has announced the winners of its first phase of the CarbonX Program, aimed at advancing climate technologies. Thirteen teams emerged victorious from over 300 applicants, receiving approximately RMB 100 million (US$14 million) in financial support. Launched in March 2023, CarbonX focuses on carbon capture, utilization, and storage (CCUS) and technology-based carbon removal. Tencent has pledged RMB 200 million (US$28 million) over three years to support these initiatives. Projects include innovations in converting CO2 to sustainable fuels and using steel slag for carbon capture. The program aligns with Tencent's commitment to sustainable social value and aims to facilitate commercial scaling of these technologies. The next phase of CarbonX will be launched globally later this year.

Positive

• Tencent awarded RMB 100 million (US$14 million) in financial support to 13 teams.
• CarbonX Program focuses on carbon capture, utilization, storage (CCUS), and tech-based carbon removal.
• Tencent committed RMB 200 million (US$28 million) over three years to climate technology initiatives.
• CarbonX aims to advance projects from research or early startup stages to commercial scale.
• Successful collaboration with academia and industry partners to foster climate tech innovation.
• Next phase of CarbonX will launch globally later this year, expanding its impact.

Negative

• High competition with over 300 applications, only 13 winners, indicating many projects lack support.
• Significant financial commitment of RMB 200 million (US$28 million) may strain resources.

SHENZHEN, China, May 23, 2024 /PRNewswire/ -- Tencent (00700.HK) is awarding 13 exceptional teams that won the first phase of its groundbreaking CarbonX Program, which is aimed at boosting promising new climate technologies. The winners, which emerged from a pool of 30 finalists and more than 300 initial applications, will receive a total of around RMB 100 million (US$14 million) in financial support from Tencent. It showcases the company's commitment to driving sustainable social innovations in the fight against climate change.

CarbonX was launched in March 2023 to advance the next generation of low-carbon technologies. Tencent has committed RMB 200 million (US$28 million) in catalytic funding over the next three years to innovative ideas that might otherwise languish or fail to gain traction.

CarbonX's first phase focused on carbon capture, utilization, and storage (CCUS), as well as technology-based carbon removal. These solutions were chosen for their unique ability to curb emissions from hard-to-abate industries such as steel and cement, mitigate the continued reliance on fossil fuels, and reduce legacy emissions created from decades of industrialization.

Backed by Tencent's mission of Tech for Good and an alliance of like-minded industry partners, CarbonX aims to help these cutting-edge technologies make the leap from the research or early startup stage to commercial scale. The ultimate goal is supporting them in making a significant impact toward the targets outlined in the Paris Agreement, which includes a 45 percent reduction in emissions by 2030 and achieving net-zero emissions by 2050.

Dr. Hao Xu, Tencent's Vice President of Sustainable Social Value and Head of Tencent's Carbon Neutrality Lab, said: "Technology innovation serves as the driving force to accelerate our progress toward achieving carbon neutrality. CarbonX program is aimed at fostering the growth of these technologies, driving positive impact across society, and laying the groundwork for a more sustainable future."

Professor Jerry Yan, Chair Professor of the Hong Kong Polytechnic University and Co-chairman of the CarbonX expert committee, said: "To pave the path for a greener economy, we must champion the development of cutting-edge low-carbon technologies. Just as solar and wind power were nurtured in their infancy, emerging solutions like CCUS and tech-based carbon removal demand our early support."

The program assembled a panel of experts from academia, industries, and the investor community as the jury, and welcomed submissions from diverse participants across three distinct tracks:

• CarbonX Lab: Designed to incubate research institutions, universities, or labs that bring in game-changing climate solutions
• CarbonX Accelerator: Designed to accelerate the growth of climate-tech startups that exhibit commercialization potential
• CarbonX Infrastructure: Designed to support capacity building to facilitate industry development

The finalists comprise four projects from the Lab track, six from the Accelerator track, and three from the Infrastructure track. These projects explore innovative solutions, such as using steel slag to capture and store carbon directly from furnace exhaust, converting CO2 into sustainable aviation fuel and valuable chemicals through electrochemical reactions or microorganisms, and employing new approaches to directly capture CO2 from the atmosphere with the hope of slashing the cost to less than US$150 per ton.

Meanwhile, Tencent is also collaborating with Tsinghua University to develop a comprehensive system of Measure, Reporting and Verification (MRV) tools to accurately gauge progress toward decarbonization.

Aside from receiving financial and advisory support, several projects will also have the opportunity to collaborate with industry partners and test their research beyond the laboratory setting.

Building upon the success of the first phase, Tencent is poised to launch the second iteration of CarbonX globally as early as later this year in pursuit of early-stage climate tech innovation.

View original content:https://www.prnewswire.com/news-releases/tencent-announces-winners-of-flagship-carbonx-program-to-combat-climate-change-302153539.html

SOURCE Tencent

FAQ

What is Tencent's CarbonX Program?

Tencent's CarbonX Program is an initiative launched in March 2023 to support the development of next-generation low-carbon technologies, including carbon capture, utilization, and storage (CCUS) and tech-based carbon removal.

How much financial support did the winners of the CarbonX Program receive?

The 13 winning teams of the CarbonX Program's first phase received a total of around RMB 100 million (US$14 million) in financial support from Tencent.

What are the goals of the CarbonX Program?

The goals of the CarbonX Program are to advance climate technologies, reduce carbon emissions, and help achieve targets outlined in the Paris Agreement, such as a 45% reduction in emissions by 2030 and net-zero emissions by 2050.

When was the CarbonX Program launched?

The CarbonX Program was launched in March 2023 by Tencent.

How much has Tencent committed to the CarbonX Program over the next three years?

Tencent has committed RMB 200 million (US$28 million) over the next three years to support climate technology initiatives under the CarbonX Program.

What are the key focus areas of the first phase of CarbonX?

The first phase of CarbonX focused on carbon capture, utilization, and storage (CCUS) and technology-based carbon removal.

What is the significance of the CarbonX Program for Tencent?

The CarbonX Program aligns with Tencent's mission of 'Tech for Good' and its commitment to driving sustainable social innovations and combating climate change.

When will the next phase of CarbonX be launched?

The next phase of the CarbonX Program is expected to be launched globally later this year.