Accelerating Climate Tech Innovation: CarbonX Program Launches Second Phase
Seeking Global Solutions for a Sustainable Future
The CarbonX Program, an initiative dedicated to accelerating the development and deployment of innovative climate technologies, has announced the launch of its second phase. Building on the success of its initial focus on China, CarbonX 2.0 is expanding its reach globally, seeking groundbreaking solutions for a carbon-neutral future.
Funded by Tencent, the program aims to support the transition to a more sustainable future by investing heavily in early-stage technologies with the potential to tackle critical challenges in global decarbonization efforts. With a strong focus on addressing the 75% of solutions still requiring significant technological advancement for effective implementation, CarbonX 2.0 aims to bridge the gap, accelerating the reality of climate neutrality.
“The urgency of our climate crisis is undeniable,” stated Davis Lin, senior vice president of Tencent. “To meet this challenge, we need to bring the right technologies to market faster. Our CarbonX program aims to identify and promote these solutions and support their transition from the lab to application. With the second phase, we want to build an international ecosystem to accelerate the path to climate neutrality.”
**Targeting Four Key Areas of Impact**
The program is calling for proposals focused on four crucial areas:
* **Carbon Dioxide Removal (CDR):** Development and deployment of technological solutions to permanently remove and store historical emissions from the atmosphere. Initial pilot projects are being launched in Kenya.
* **Long-Duration Energy Storage (LDES):** advancing innovative solutions to increase the share of renewable energies in power grids. Pilot projects are beginning in the Maldives, exploring енергетичне storage systems capable of storing over six hours of power with a capacity of 100 kilowatts.
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* **CCUS (Carbon Capture, Utilization and Storage) for the steel industry:**
This initiative focuses on decarbonizing this vital but highly polluting industry. Instead of relying solely on already established technologies, pilot projects in Serbia are being directed toward the next generation of point source CCUS technologies.
* **CarbonXmade (CCU):**
This impactful program aims to integrate captured carbon into both chemical production and consumer goods through the CarbonXmade consortium. Inventing new product prototypes, this program seeks to establish a seamless value chain from carbon source to final products.
**A Global Network Driving Climate Action**
CarbonX is not only about funding; it’s about collaboration. A growing network of partners from diverse sectors forms the heart of the program.
Industrial partners like China Resources, Conch Cement, Great Carbon Valley, HBIS Group and SCG are contributing industry expertise. Joining the CarbonXmade consortium are prominent industrial partners like Sasol and Sinopec Carbon Industry Technology Although they’re late.
The program is further bolstered by global consumer goods producers such as HAY, McDonald’s China, PepsiCo, Pop Mart International Group, and Unilever.
Leading the charge with investment expertise are Africa Climate Ventures, CASSTAR, China Merchants Venture, Copec WIND Ventures, Happiness Capital, HongShan Capital Group, Lightspeed China Partners, and MPCi. And strengthening the program with valuable global perspectives are: the African Development Bank, the Asian Development Bank, the Global CCS Institute, Impact Hub, the Sustainable Markets Initiative, and XPrize.
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“The fight against climate change requires scalable solutions that are not tied to specific technologies but are driven by their potential to have global impact,” emphasizes Professor Jerry Yan, Member of the European Academy of Sciences and Arts and Co-Chair of the CarbonX
What are the four key areas of focus for CarbonX 2.0?
## Accelerating Climate Tech Innovation: A Conversation with Tencent
**Interviewer:** Welcome to the show. Today we’re discussing the exciting launch of CarbonX Program 2.0, a global initiative dedicated to accelerating climate tech innovation. Joining us is Alex Reed, [Alex Reed Title] at Tencent.
**Alex Reed:** Thank you for having me.
**Interviewer:** Let’s dive right in. Tencent’s CarbonX program has been making waves with its focus on bringing cutting-edge climate solutions to market faster. Can you tell us more about the program’s goals and how it’s evolving in its second phase?
**Alex Reed:** Absolutely. CarbonX is built on the belief that innovative technology is key to addressing the urgent climate crisis. Our first phase focused on China, proving the impact of targeted investment in early-stage climate tech. Now, CarbonX 2.0 is expanding globally. We’re seeking groundbreaking solutions from around the world, particularly those targeting areas where technological advancements are crucial for effective implementation. That’s 75% of the solutions needed to reach a carbon-neutral future [1].
**Interviewer:** That’s a bold goal. What specific areas is CarbonX 2.0 focusing on?
**Alex Reed:** We’ve identified four key areas:
* **Carbon Dioxide Removal:** We need to actively remove historic emissions from the atmosphere. We’re
funding projects focused on developing and deploying technologies that can achieve this [1].
* **Long-Duration Energy Storage:**
Increasing the reliance on renewable energy requires reliable storage solutions. CarbonX 2.0 is supporting the development of innovative energy storage systems capable of handling the intermittency of renewable sources [1].
* **CCUS for the Steel Industry:**
Steel production is a major contributor to global emissions. We’re encouraging the development of efficient carbon capture, utilization, and storage technologies to decarbonize this vital industry.
Originally, the CarbonX program focused on technological solutions for reaching carbon neutrality. It’s been successful in China and ready to expand globally[[[[[1]].
**Interviewer:** These are critical areas indeed. Can you share any highlights from the program’s early successes or ongoing pilot projects?
**Alex Reed:** We’re proud to share that we’ve just launched pilot projects in Kenya focusing on Carbon Dioxide Removal technologies [1]. Additionally, in the Maldives, we’re piloting innovative long-duration energy storage systems that can store power for over six hours.
**Interviewer:** That’s truly inspiring work! What would you say is the ultimate aim of the CarbonX program? What kind of impact do you hope to see?
**Alex Reed:** Our ultimate vision is to create an international ecosystem that accelerates the journey towards a sustainable future [1]. We want to empower innovators, support entrepreneurs, and facilitate the deployment of transformative climate technologies on a global scale. By fostering collaboration and investment, we can unlock the potential to achieve a carbon-neutral world.
**Interviewer:** Thank you so much for sharing your insights, Alex Reed. We look forward to seeing the continued impact of the CarbonX program as it drives innovation and pushes us towards a greener future.
