China’s technology and entertainment conglomerate Tencent [0700:HK] has pledged to achieve carbon neutrality for its operations and supply chain by 2030, as reported by Reuters on February 24. To attain this goal, Tencent committed to using green power for all its electricity demand by 2030, along with engaging in green power trading and investments in renewable energy projects and using carbon offsets in some business divisions. Tencent’s greenhouse gas emissions in 2021 were estimated to be 5.11m tons.
Many of China’s major technology conglomerates are introducing carbon neutrality targets following the country’s pledge to peak emissions by 2030 and achieve net-zero emission by 2060. For instance, tech giant Alibaba [BABA:US] proposed last December to achieve carbon neutrality in its operations by 2030. Alibaba generated 3.71m tons of greenhouse gas emissions from electricity consumption in its operations in 2020, including emissions from cloud computing data centers. In addition, internet service company Baidu [9888:HK] also proposed net-zero operations by 2030 in June 2021. According to the State Grid Energy Research Institute, China’s data center power consumption would exceed 400bn kWh by 2030, accounting for 3.7% of the country’s overall electricity consumption.