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Investing.com -- Tencent Holdings Ltd. is discussing the formation of a carbon credit buyers alliance with companies inside and outside China to increase market supply, according to Bloomberg, citing a company official.
The Chinese internet giant aims to launch the consortium by the end of 2025, targeting primarily Asian companies and utilizing solutions from Global South nations, said Ella Wang, a senior program director at Tencent’s Climate Innovation Hub. Wang shared these plans during an interview in Belém, Brazil, at the COP30 climate conference.
The alliance is expected to include companies from technology, manufacturing, and consumer sectors. Wang explained that the initiative would "send a signal to the market and encourage more potential suppliers, especially in the Global South countries." She added that participating companies would benefit in multiple ways, including assistance with compliance and technology adoption.
Unlike major Chinese emitters in energy and commodities sectors, Tencent’s carbon neutrality plan is voluntary. The company’s strategy involves purchasing both spot and forward carbon credits. Wang noted that Tencent needs to acquire millions of tons of credits to offset its emissions, suggesting the alliance could introduce significant demand into the carbon market as more buyers join.
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