In the midst of increasingly pressing climate change issues, concrete steps to achieve carbon neutrality have become a global priority. Tencent, one of the world's technology giants, is not remaining silent in facing this challenge. Through the CarbonX program, Tencent announced the winners who succeeded in bringing fresh air to the fight against climate change.
What is the CarbonX Program
The CarbonX program, which launched in March 2023, is a bold initiative from Tencent to accelerate the development of low-carbon technologies. With a catalyst funding commitment of RMB 200 million (approximately US$28 million) over three years, the program targets innovative ideas that may otherwise stall or fail to gain traction. The first phase of the program focuses on carbon capture, utilization and storage (CCUS), as well as technology-based carbon removal.
From more than 300 applications submitted, 30 finalists were selected, and ultimately 13 extraordinary teams won. Those selected received total financial support of approximately RMB 100 million (US$14 million) from Tencent. This is proof of Tencent's commitment to driving sustainable social innovation in fighting climate change.
Winner and Tencent Financial Support
On May 23, 2024, Chinese technology company Tencent announced the winners of the innovative CarbonX program which aims to accelerate carbon-based technologies and support carbon neutrality. This program is part of the company's efforts to address climate change and reduce its negative impacts.
Winners and Financial Support Tencent awarded awards to 13 outstanding teams who successfully won the first stage of the CarbonX program. These teams were selected from 30 finalists and more than 300 initial applications. The total financial support funds that will be provided will reach approximately RMB 100 million (approximately USD 14 million). These funds will help these teams develop their technologies from research or early startup stages to commercial scale.
The winners of the CarbonX program explored innovative solutions, such as using steel slag to capture and store carbon directly from furnace exhaust, converting CO2 into sustainable aviation fuels and valuable chemicals through electrochemical reactions or microorganisms, and implementing new approaches to capture CO2 directly from the atmosphere by hopes to cut costs to less than US$150 per ton.
Driving Technological Innovation to Accelerate Carbon Neutrality
Dr. Hao Xu, Tencent's Vice President of Sustainable Social Responsibility and Head of Tencent's Carbon Neutrality Laboratory, stated, “Technological innovation is the driving force to accelerate our progress towards carbon neutrality. Our CarbonX program aims to advance the growth of this technology, have a positive impact on society, and create the foundation for a more sustainable future.”
Professor Jerry Yan, Professor of Hong Kong Polytechnic University and Co-chairman of the CarbonX Expert Committee, added, “To pave the way to a greener economy, we must support the development of advanced low-carbon technologies. Just as solar and wind energy used to be nurtured from the start, new solutions such as CCUS and technology-based carbon removal also need our support from the start.”
Impact Towards Neutrality
With the support of Tencent's 'Tech for Good' mission and an alliance of aligned industry partners, CarbonX aims to help these advanced technologies leap from research or early startup stages to commercial scale. The ultimate goal is to support them in making a significant impact towards the targets outlined in the Paris Agreement, which include reducing emissions by 45 percent by 2030 and achieving net-zero emissions by 2050.
Conclusion
The CarbonX program is a significant step forward in confronting climate change. With financial support and collaboration between the private sector, academia and government, these technologies can play an important role in achieving carbon neutrality and safeguarding our planet for future generations.
The article above discusses the CarbonX program held by Tencent to accelerate carbon-based technology and support carbon neutrality. This program aims to help advanced technologies overcome climate change and reduce its negative impacts. Hopefully this article provides useful information!
