Tencent (HKG:0700) rolled out its second CarbonX program for climate technology innovation in support of net-zero emissions by 2050, according to a Tuesday press release by the tech giant.
The tech conglomerate will invest "tens of millions of dollars" for carbon dioxide removal, long-duration energy storage, carbon capture, utilization, and storage for the steel industry and captured carbon integration into chemical production.
Tencent plans to enlist key stakeholders such as China Resources, Anhui Conch Cement (HKG:0914, SHA:600585), Great Carbon Valley, HBIS Group and SCG, Sasoland Sinopec Carbon Industry Technology, HAY, McDonald's China, PepsiCo, Pop Mart International (HKG:9992) and Unilever, among others.
Investment partners will include China Merchants Venture and ecosystem partners such as African Development Bank and Asian Development Bank, Tencent said.
Appplications for the program will open until May 2025. Tencent will shortlist 10 to 15 teams per demonstration scenario and one to three successful entries by February 2026.
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