Market Chatter: Tencent Signs 10-Year Contract to Buy Carbon Removal Credits

MT Newswires Live18:39

Tencent (HKG:0700) signed a 10-year contract to acquire 300,000 carbon removal credits from Thryve.Earth's agroforestry project in Indonesia, The Business Times reported Wednesday.

The credits will be generated from a project by Singaporean carbon project developer Thryve.Earth to restore degraded land in Indonesian island Sulawesi, according to the report.

The restoration will reportedly involve the development of a mixed crop farming system to remove carbon from the atmosphere, boost soil quality, and improve biodiversity.

A Tencent spokesperson told the Business Times by email that the carbon credits can help the company deal with the issue of residual emissions and contribute to its goal of reaching carbon neutrality by 2030.

Tencent did not immediately respond to MT Newswires' request for a comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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