The Net Zero Challenge 2024 announced three winning teams to receive VND 15 billion in grant funding at the Grand Finale where nine finalist teams presented their innovative climate solutions.

The total prize pool of VND 15 billion (USD 590,000) is non-dilutive, which will be used to pilot their climate innovation in Vietnam. Additionally, more than VND 6.5 billion (USD 260,000) in investment prizes will be awarded by Touchstone Partners and investors and knowledge partners.

The Net Zero Challenge 2024 winners are as follows:

1. Winner of the Renewables and Carbon Removal track - CO2L Tech
   - Cost-competitive CO2 capture and utilisation to produce valuable chemicals with up to 90% less carbon footprint.
2. Winner of Food Systems & Sustainable Agriculture track - N&E Innovations
   - Biodegradable antimicrobial coating and packaging made from upcycled food waste to reduce post-harvest loss by at least 20%.
3. Winner of Circular Economy & Waste Management track - Bygen
   - Producing sustainable activated carbon from agri waste at 60% lower production cost.

In addition to the finale prizes, finalist teams also received investment prizes and other grants:

• MYCL receiving USD 50,000 (grant) from Dragon Capital
• Blusink receiving USD 50,000 (grant) from SembCorp Industries
• Cruz Foam receiving USD 50,000 (investment) from Hao Shi Foundation
• N&E Innovations receiving USD 50,000 (investment) from Sopoong Ventures
• CO2L Tech receiving USD 50,000 (investment) from Touchstone Partners

Three winners were among the nine finalists selected from close to 500 applications, representing 55 countries.

The Net Zero Challenge focuses not only on selecting the best innovations but also on supporting their development, contributing to the Vietnamese government's sustainable development goals. Furthermore, it aims to strengthen public-private-philanthropic partnerships to deliver practical outcomes that align with Vietnam’s goals in tackling climate change.

“This year, we were impressed by the quantity and quality of participants and the level of interest from international teams, investors, and partners. This also supports our thesis in building the Net Zero Challenge as an open platform for climate technology, serving as a bridge between ecosystem partners and startup founders,” stated Tu Ngo, General Partner at Touchstone Partners.

Co-organised by Temasek Foundation, Ms Heng Li Lang, Head of Climate and Liveability at Temasek Foundation said, “Net Zero Challenge 2024 represents an inspiring platform to showcase the next generation of environmental solutions. The challenges our planet faces require collective effort. Temasek Foundation is proud to support the winners of Net Zero Challenge 2024 as they pilot their innovations in Vietnam. Congratulations to these trailblazers for their inspiring solutions, which are paving the way for transformative change by seizing green opportunities and scaling sustainability solutions. This underscores our commitment to fostering enduring partnerships with governments, businesses, investors and innovators, driving impactful solutions that will benefit both the People and Planet."

“We are excited to see new technologies in Vietnam’s green economy and are committed to supporting these initiatives. We aim to create the best conditions for these innovative projects to grow and help achieve national goals for a green transition and sustainable growth.” stated Truong Minh Huy Vu, Director at Ho Chi Minh City Institute for Development Studies.