Tencent has unveiled the second phase of its CarbonX Program, a global initiative to fast-track the development of climate technologies deemed crucial to achieving Net Zero emissions by 2050.
Building on its China-focused first phase, CarbonX 2.0 will extend its scope internationally, offering catalytic funding and resources to support new projects.
With an estimated 75% of required decarbonisation solutions still reliant on emerging technologies, the programme targets four critical areas: carbon dioxide removal (CDR), long-duration energy storage (LDES), carbon capture, utilisation and storage (CCUS) for the steel industry, and carbon-to-chemicals innovation through the CarbonXmade consortium.
The initiative aligns with Tencent’s “Tech for Good” mission, fostering advancements to meet the climate targets outlined in the Paris Agreement.
Targeting key areas for climate action
CarbonX 2.0 will provide tens of millions of dollars to support early-stage projects, establishing pilot initiatives in multiple regions:
- Carbon dioxide removal (CDR):Removing existing emissions from the atmosphere, with pilot projects planned in Kenya to ensure long-term results.
- Long-duration energy storage (LDES):Enabling renewable energy to power grids reliably, with pilot systems planned for the Maldives offering over six hours of storage.
- CCUS for steel:Developing next-generation technologies to cut emissions from steelmaking, with pilots based in Serbia.
- CarbonXmade (CCU):Transforming captured carbon into chemicals and consumer products, driven by a consortium including top industry players.
The programme involves a network of collaborators, including HBIS Group, Sasol and Sinopec Carbon Industry Technology, alongside consumer brands like McDonald’s China, Unilever and PepsiCo.
Investment partners include Africa Climate Ventures and Lightspeed China Partners, while ecosystem companies include the African Development Bank, Global CCS Institute and XPrize.
Davis Lin, Senior Vice President of Tencent, spoke on the programme’s urgency, stating, “The urgency of our climate challenge is undeniable, and addressing it requires bringing the right technologies to market faster to drive impactful change.”
“Our CarbonX program is dedicated to identifying and nurturing these solutions, supporting the transition from the lab to real-world applications. With the second iteration, we’re aiming to foster an international ecosystem that accelerates progress toward Net Zero.”
Professor Jerry Yan, Fellow of the European Academy of Sciences and Arts and Co-chairman of the CarbonX Expert Committee, highlighted the importance of global collaboration, adding, “We need to accelerate innovation by fostering cross-sector and cross-region collaboration, while catalysing the deployment of every viable solution to ensure they evolve and scale in line with our climate goals.”
The programme is now accepting global submissions until May 2025 from startups, established companies, and research institutions. The selection process will occur in two phases, culminating in February 2026, when winning teams will receive grant funding and resources to implement their projects. Proposals will be evaluated by an expert panel on criteria such as innovation, potential impact, and feasibility.
