This article is sponsored by Tencent.
The urgency of our climate crisis is undeniable. As a global technology firm, Tencent has committed to achieving carbon neutrality in our own operations and supply chain by 2030, and we have been making encouraging progress. Yet as warnings mount that the world could miss the goal of limiting warming to 1.5 degrees Celsius, the global community must explore more pathways to a greener future.
Renewable energy, electric vehicles and nature-based solutions have emerged as bright spots. However, even the combined power of those solutions will not be enough. We must also rapidly explore and invest in promising new technologies that can neutralize emissions in many carbon-intensive industries for which there is no cheap or easy path to decarbonization. The next few years are critical.
Sadly, many potential climate technology breakthroughs wither on the vine because they lack the resources to leap from the lab to commercial application, or they fail to scale enough to be viable. This phenomenon is known in investor circles as the valley of death.
Nurturing climate tech innovations
That’s why we launched CarbonX, an initiative to identify and nurture new technologies and critical capabilities that will be needed in the quest to reach net zero. With our guiding vision of "Tech for Good," Tencent believes in the power of technology to make people’s lives better, including driving progress in the battle against climate change.
CarbonX launched in March 2023 with an initial focus on solutions in the field of carbon capture, utilization and storage (CCUS) and technology-based carbon removal. We are committing more than $28 million over three years, with the aim of boosting the next wave of green innovations.
After evaluating applications from more than 300 teams across China, narrowed down to a pool of 30 finalists, we are thrilled to announce the first cohort of 13 winners. They will receive funding and other support to continue their work and hopefully make an impact in the ultimate global challenge of our era.
Helping critical industries
Despite encouraging momentum in renewables and electrification, many industries still have no affordable or practical way to decarbonize. Sectors such as cement and steel emit CO2 as an inherent result of their industrial processes. Yet these businesses are critical to our modern society — and even to the green transition itself — by supplying key materials and components used to build more efficient buildings, electric cars and other products.
CCUS and technology-based carbon removal offer a solution. By filtering CO2 out of industrial fuels or pulling it directly out of the air, the gas can then be concentrated and safely stored underground or repurposed as an input for building materials, synthetic fuels or greenhouse facilities. Some of these technologies have a dual benefit: help prevent new carbon from entering the atmosphere and also draw down CO2 that accumulated over centuries.
CCUS and technology-based carbon removal encompass disciplines including chemical engineering, geology, energy and materials. Innovation in technological pathways and strengthening capabilities in areas such as site selection for carbon storage and accounting methodologies are all essential for effective implementation.
To be sure, CCUS is not yet cost effective, but it’s also true that solar and wind power were more expensive than fossil fuels before they became competitive thanks to years of policy and financial support. Indeed, the International Energy Agency expects global carbon-capture capacity to rise more than sixfold by 2030, to
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