CATL, Tencent Seek to Boost Waning Demand for Carbon Credits

Tencent Holdings Ltd. and Contemporary Amperex Technology Co. Ltd., two of China’s most valuable companies, are joining a new initiative intended to bolster corporate demand in the slowing market for carbon credits.

The technology giant and electric vehicle battery leader will collaborate with firms including Mitsubishi Corp., Vale SA and Osaka Gas Co. under the Action for a Resilient Climate Coalition, a Singapore-based nonprofit launched Tuesday. It aims to help drive the use of high-quality credits with a target for members to jointly buy at least 10 million metric tons by 2030.