Tencent can access one million carbon credits through GenZero partnership
The companies will continue to invest and scale climate solutions by leveraging their respective networks to identify potential opportunities suited for co-investment
[SINGAPORE] Tech giant Tencent can offtake at least one million verified, high-quality carbon credits within GenZero’s investment portolio, over a period of 15 years, after inking a partnership.
This represents an estimated abatement of at least one million tonnes of greenhouse gases, improving sustainability.
The partnership was structured to mobilise capital towards high-integrity climate solutions, enhance market transparency and strengthen trust in global carbon credit systems, both companies said in a joint statement on Tuesday (May 6).
Frederick Teo, GenZero’s chief executive officer, said: “By combining our expertise and networks with those of Tencent, we can make a difference in helping carbon markets to scale, especially in the Asia-Pacific region.”
Additionally, the two companies will work together to de-risk high-quality carbon projects through the support of pre-feasibility studies, improve market integrity and liquidity through market mechanisms.
They will continue to invest and scale climate solutions by leveraging their respective networks to identify potential opportunities suited for co-investment.
Xu Hao, vice-president of Tencent’s sustainable social value organisation, said: “Leveraging our digital capabilities and GenZero’s expertise, we aim to enhance carbon market transparency, promote innovative climate technologies, and deploy blended finance models to accelerate global transition to net zero.”
Copyright SPH Media. All rights reserved.
