Tencent (OTCMKTS: TCEHY) and Contemporary Amperex Technology, or CATL (OTCMKTS: CYATY), have joined a new Singapore-based carbon credit buyers’ coalition, entering a market where corporate appetite for offsets has weakened to its lowest level since 2020 amid lingering concerns over greenwashing and credit quality.
The two Chinese giants are among the founding members of the Action for a Resilient Climate (ARC) coalition, launched at the GenZero Climate Summit 2026 earlier this week, alongside other players including Mitsubishi Corporation, mining company Vale, and Osaka Gas.
The nonprofit coalition is targeting collective purchases of at least 10 million metric tonnes of carbon credits by 2030, focusing on high-integrity credits with stronger environmental and social safeguards.
Relevant: Buyers’ Coalition Launched In Singapore To Unlock Climate Finance Across Asia
The launch comes at a challenging moment for voluntary carbon markets. According to BloombergNEF, corporate carbon credit purchases totaled approximately 153.5 million tonnes of CO2 equivalent (CO2e) last year, which is the lowest level since 2020.
Demand has softened further in 2026 as energy companies contend with the fallout from the Iran war and reputational risks from greenwashing claims continue to discourage buyer participation.
The carbon market has significant potential to drive climate finance, but it has to be based on trust and scientific rigor, Tencent Vice President Xu Hao was quoted as saying by TradingView—a statement signaling acknowledgement of the credibility gap the initiative must close.
Frederick Teo, chief executive of Temasek-owned GenZero, which helped convene the coalition, said limited demand commitments for credits from high-quality decarbonization projects are directly constraining investment into those projects.
ARC will collaborate with the Symbiosis Coalition, backed by Google, Meta Platforms, and Microsoft, which is separately targeting 20 million tonnes of high-quality nature restoration credits by 2030.
The pairing signals a broader effort to rebuild coordinated demand in a fragmented market. Whether the involvement of major Chinese and Japanese corporate names translates into durable purchasing commitments, rather than pledges, will be the measure of success.
Read more: Symbiosis Coalition Launches Its Second RFP For Nature-Based Carbon Removals
