Contemporary Amperex Technology Co., Limited (CATL), Tencent, Mitsubishi Corporation, and Vale S.A. launched the Singapore-based Action for a Resilient Climate Coalition (ARC).
ARC aims to revive demand in voluntary carbon markets currently experiencing declining prices and volumes.
The coalition plans to collectively purchase at least 10 million tonnes of high-integrity carbon credits.
The group established a target deadline of 2030 for these acquisitions.
By focusing on credits with strong environmental and social safeguards, ARC intends to restore market trust and drive climate finance.