Tencent Announces Winners of Flagship CarbonX Program to Combat Climate Change

Group 1 - Tencent is awarding 13 teams from its CarbonX Program, providing around RMB 100 million (US$14 million) in financial support to promote new climate technologies [1] - The CarbonX Program, launched in March 2023, aims to advance low-carbon technologies with a total commitment of RMB 200 million (US$28 million) over three years [1][2] - The first phase of CarbonX focused on carbon capture, utilization, and storage (CCUS) and technology-based carbon removal, targeting emissions from hard-to-abate industries [2] Group 2 - The program's ultimate goal is to support technologies in achieving significant impacts toward the Paris Agreement targets, including a 45% reduction in emissions by 2030 and net-zero emissions by 2050 [2] - The program includes three distinct tracks: CarbonX Lab for research institutions, CarbonX Accelerator for climate-tech startups, and CarbonX Infrastructure for industry development [3] - Finalists include projects that explore innovative solutions such as using steel slag for carbon capture and converting CO2 into sustainable aviation fuel [3] Group 3 - Tencent is collaborating with Tsinghua University to develop Measure, Reporting and Verification (MRV) tools for tracking decarbonization progress [4] - Selected projects will receive financial and advisory support, with opportunities to collaborate with industry partners and test their research in real-world settings [4] - Tencent plans to launch the second iteration of the CarbonX Program globally later this year to continue fostering early-stage climate tech innovation [4]