Ant Group lays down plan to be carbon neutral by 2030

Chinese fintech major Ant Group unveiled plans to become carbon neutral by 2030 via technological innovation and by joining global efforts.

As part of its plan, the Alibaba affiliate said it will set up a carbon neutrality fund to bankroll the research and development of renewable energy and other green technologies. Ant also aims to work with industry partners to promote green finance through the initiative.

Photo credit: Ant Group

Ant said it plans to capitalize on its blockchain capabilities to explore more ways to curb climate change and its effects, including using the technology to track its carbon reduction process.

The company also noted that it has onboarded an external specialist, the China Environmental United Certification Center (CEC), to help the fintech giant design its carbon neutral plan and boost transparency and accountability. The CEC is an official service provider to the 2022 Winter Olympics, helping assess carbon reduction solutions.

Through these efforts, Ant Group said it aims to fully cancel out carbon emissions generated from resources it directly owns and controls by 2030, covering areas such as supply chain and business travel.

“Going green has always been a strong priority for Ant since our founding, we firmly believe technology can and should be used to further sustainable development,” said Ant Group vice president, Yijie Peng.

The move is in line with China’s recently announced plans of achieving carbon neutrality before 2060. In addition, President Xi Jinping said the country will also be adopting “more vigorous policies” to reach its goal.

This comes days after Simon Hu stepped down from his role as CEO of Ant Group. He is set to be replaced by executive chairman Eric Jing, who will also continue in his current role.