Tencent, CATL back coalition for high-quality carbon credits

Tencent and battery maker CATL joined the Action for a Resilient Climate Coalition, a Singapore nonprofit launched on May 19, to support demand for higher-quality carbon credits. Other members include Mitsubishi, Vale, and Osaka Gas, with the group targeting joint purchases of at least 10 million metric tons of credits by 2030. The coalition is backed by Enterprise Singapore, a Singapore government agency. The move comes as corporate buyers purchased 153.5 million tons of carbon dioxide equivalent credits in 2025, the lowest volume since 2020, according to BloombergNEF, as greenwashing concerns and doubts about project quality weighed on demand.

## Tencent's carbon credit commitments

Tencent joined with a target to retire approximately 1 million metric tons of carbon credits each year by 2030 to offset emissions that are difficult to eliminate. The company has secured purchase plans including an option for 1 million credits from Temasek-backed climate investor GenZero, which hosted the launch event, plus a long-term agreement for 3 million tonnes of nature-based carbon removals from Catona Climate, a carbon project developer.

## Coalition collaboration with other buying groups

The coalition will work with the Symbiosis Coalition, which is backed by Google, Meta, and Microsoft and aims to buy 20 million tons of nature restoration carbon credits by 2030.

The coalition fits a broader shift as companies move from individual purchases to joint buying groups. Frontier, a carbon removal buying group started by Stripe, Alphabet, Shopify, Meta, and McKinsey, has pledged more than US$1 billion for permanent carbon removal from 2022 through 2030. These alliances focus on "high-integrity" credits tied to standards from groups such as the Integrity Council for the Voluntary Carbon Market (ICVCM), which sets quality benchmarks for carbon credits.