Tencent and CATL have joined the Action for a Resilient Climate Coalition, a Singapore-based nonprofit aiming to stabilize the voluntary carbon market. The group intends to purchase at least 10 million metric tons of high-integrity carbon credits by 2030 to fund climate projects across Asia. This move comes as corporate demand for carbon credits hits a five-year low due to concerns over greenwashing and project quality. By pooling resources and using advance market commitments, these companies aim to create a bifurcated market that rewards high-standard projects and pushes out low-quality credits.
