Tencent has signed a 10 year agreement to purchase 300,000 carbon removal credits from an agroforestry project in Sulawesi, Indonesia. The deal is the Chinese tech firm's first international carbon credit purchase outside its domestic market. Google also struck a separate offtake for 260,000 credits from the same project, and McKinsey agreed to buy 75,000 credits. The average price for agroforestry credits in Asia is around $21.40 per credit according to Sylvera. These credits come from a project developed by Singapore based Thryve.Earth. Tencent aims to reach carbon neutrality in its own operations and supply chain by 2030. The 10 year agreement signals growing demand for nature based removal credits from large corporate buyers, especially in Asia where voluntary carbon markets are still developing.
