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Tencent Annonces CarbonX 2.0 Winners of $30 Million Funding

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Tencent (HKG:0700) awarded $30 million in funding to 16 winners of its climate solution initiative CarbonX 2.0, the technology giant said in a Wednesday press release.

The winners came from countries and regions including the U.S., the U.K., the European Union, China and Kenya.

Ten of the winning teams, including the Shanghai Advanced Research Institute, the U.S.'s Quino Energy and Aircapture, spanned four critical technology areas of carbon dioxide removal, carbon capture utilization and storage or CCUS for steel, carbon utilization and long-duration energy storage.

The six other teams, such as China's SYNLIFE and the U.S.'s OCOchem, will receive tailored support, such as measurement, reporting and verification, carbon-credit procurement commitments and green-premium subsidy mechanisms.

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