CarbonX 2024: Tencent highlights 50 finalists and US$28m pilots

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With the world emitting over 40 billion tons of CO₂ annually and the 2024 global average temperature estimated at 1.6°C above pre‑industrial levels, the pace of climate innovation is under scrutiny. Tencent’s CarbonX program is back for a second iteration, aiming to move lab breakthroughs into real deployments. This year, 50 teams advanced from more than 660 applicants spanning 54 countries and regions. Finalists will compete for US$28 million and the chance to pilot projects in climate‑vulnerable locations including Kenya, the Maldives, and Serbia. The program focuses on four tracks – carbon removal, industrial decarbonization, carbon utilization, and long‑duration energy storage.

Key figures – CarbonX second iteration

CarbonX shared core numbers that frame the scale and scope of this round. Below are the essentials at a glance.

Four tracks shaping the field

CarbonX concentrates on technologies that can scale in the real world. The program’s four tracks map to practical problem spaces – removing carbon, cleaning up heavy industry, turning emissions into products, and storing clean energy for when the grid needs it most.

1. Carbon Dioxide Removal – cutting atmospheric CO₂

• Biochar pathways convert farm waste into stable carbon stored in soil for hundreds of years, alongside renewable bio‑oil for local use.
• Enhanced rock weathering is being scaled and instrumented – using crushed minerals, sensors, and satellite data to verify safe, measurable storage.
• Microbial approaches target soils where microbes capture carbon while improving crop yields.
• Next‑gen direct air capture systems use microwave energy instead of steam, targeting the same CO₂ removal with 90 percent less energy.

Takeaway: CDR options are moving toward being measurable, more affordable, and deployable from fields to high‑efficiency DAC arrays powered by renewables.

2. Industrial Decarbonization – reworking heavy industry

Steel alone contributes over seven percent of global CO₂ emissions. One CarbonX approach captures furnace CO₂ and converts it into hydrogen and carbon monoxide, which can be fed back into steelmaking. The system is designed to be retrofitted to existing plants, cutting emissions without slowing production.

Takeaway: Clean manufacturing pathways are emerging inside one of the hardest sectors to decarbonize.

3. Carbon Capture & Utilization (CarbonXmade) – CO₂ as a feedstock

• CO₂‑based surfactants and polymers for everyday products (e.g., shampoo, detergent, paint) aim to replace petrochemical inputs and can reduce product emissions by up to 65 percent.
• Agricultural residues are transformed into high‑value protein for food and organic fertilizers that both store carbon and improve soil health.

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Takeaway: When emissions become materials, market demand can drive scale rather than mandates alone.

4. Long‑Duration Energy Storage – making renewables reliable

• Organic flow batteries use low‑cost, non‑toxic electrolytes, targeting reliable electricity at one‑third the cost of conventional systems.
• Another LDES design provides heating and cooling while powering microgrids for island communities, delivering overall energy efficiency above 90 percent with storage duration exceeding 10 hours.

Takeaway: Storage innovations are key to keeping clean power available for homes, businesses, and remote communities.

Collaboration as the multiplier

CarbonX emphasizes networks – scientists, engineers, entrepreneurs, and industry partners working across borders to shorten the path from concept to commercial impact. The finalists’ tech spans multiple sectors but shares a common thread: deployment at scale through collaboration.

Watch the overview

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Final checkpoint – why this matters

For anyone tracking tech ecosystems, large‑scale climate R&D funds can catalyze the tools and infrastructure the broader industry relies on – from materials to energy systems. CarbonX’s second iteration sets clear stakes with 50 teams, US$28 million, and real‑world pilots, signaling where near‑term climate tech may land next.