Tencent (HKG:0700) plans to establish a carbon credit buyers alliance by the end of this year to expand market supply and support climate projects in developing regions, Bloomberg News reported Wednesday, citing a senior company official at COP30 in Brazil.

The Chinese internet giant is in discussions with companies both within and outside China, primarily from the technology, manufacturing, and consumer sectors, to join the consortium, said Ella Wang, senior program director at Tencent's Climate Innovation Hub, according to the report.

The initiative will focus mainly on Asian corporations and carbon offset projects in Global South countries, she reportedly added.

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