In a May 6 announcement, both parties say the carbon projects will be verified under "leading international standards or the Paris Agreement Crediting Mechanism". This will ensure "real, measurable and verifiable" emissions reductions and removals, they add.
Chinese Internet giant Tencent has signed a memorandum of understanding (MOU) with GenZero, Temasek's decarbonisation-focused investment subsidiary, granting Tencent the opportunity to offtake at least 1 million "verified, high-quality" carbon credits within GenZero's portfolio over 15 years.
This represents an estimated abatement of at least 1 million tonnes of greenhouse gases.
