The second edition of Net Zero Challenge competition has officially launched, calling for innovators in climate technology from around the world to participate.
The Net Zero Challenge is a global climate technology innovation competition aimed at finding solutions to tackle climate change in Vietnam. Catalysed by the support of Temasek Foundation, the competition addresses funding gaps in early-stage climate innovations and provides innovators with better access to investment resources, strategic partnerships, and climate action networks.
Building on the success of 2023, the Net Zero Challenge 2024 aims to establish a foundation for a long-term open innovation platform where stakeholders in climate technology can support and collaborate effectively. This platform will incubate partnerships between corporates and startups, and mobilize more catalytic funding for early-stage climate solutions in Vietnam.
Organised by Touchstone Partners and Temasek Foundation, in partnership with Ho Chi Minh City Institute for Development Studies (HIDS), the Net Zero Challenge 2024 offers a prize pool of up to 15 billion VND in equity-free grant to pilot their climate technology in Vietnam.
Teams also have the chance to receive $US 100,000 (equivalent to 2.5 Billion VND) in investment prize from Sopoong Ventures and Touchstone Partners, and up to 200 million VND in equity-free prize from The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Go Circular Viet Nam Component.
“We founded Touchstone with the mission of investing in startups that create impactful solutions for Vietnam. Throughout our journey, we have identified a significant gap in equity-free catalytic funding for early-stage technology to make them ready for commercial investments, particularly for climate-tech innovations. This realisation is one of our key drivers to organise the Net Zero Challenge annually. With the philanthropic support from Temasek Foundation, we are confident that climate-tech startups can scale more rapidly to address Vietnam's urgent climate issues,” stated Tu Ngo, General Partner at Touchstone Partners.
“Temasek Foundation is delighted to partner Touchstone Partners once again for the launch of Net Zero Challenge 2024. We are calling on innovators to submit groundbreaking solutions to accelerate our transition towards a net-zero future. Join us in this important global effort to achieve a sustainable future and create lasting impact,” said Heng Li Lang, Head, Climate & Liveability, Temasek Foundation.
The competition focuses on three main tracks: (i) Renewables and Carbon Removal, (ii) Food Systems and Sustainable Agriculture, and (iii) Circular Economy and Waste Management.
The application for Net Zero Challenge 2024 opens from July 16, 2024 and closes on September 15, 2024. Following the submission period, the organisers and an independent Shortlisting Committee will select nine teams to join the Grand Finale in November 2024.
In its inaugural edition in 2023, Net Zero Challenge received over 300 applications from 45 countries, and facilitated four MOUs between corporate partners and finalist teams. Alternō, one of the three winners of Net Zero Challenge 2023 also went on to raise $US 1.5 million in funding.
With a focus on scaling innovation, participation is reserved for teams that have developed a minimally viable product along with a pilot plan to showcase the value proposition aimed at commercialisation. Startups, research groups, company projects, or non-profit initiatives are all eligible to participate. Solutions with international traction but seek to pilot their innovations in Vietnam are also eligible to apply.
The winners of Net Zero Challenge 2023 include:
The Net Zero Challenge creates an open platform for climate technology startups to tackle Vietnam's pressing climate issues, paving the way for growth and expansion into other countries grappling with similar challenges. The competition aims to foster a sustainable business economy in Vietnam, providing considerable backing for the country's commitment to reach net zero emissions by 2050.
For detailed information on application procedures, please visit https://netzerochallenge.vn/