"Net Zero Challenge" with a total prize pool of 15 billion VND.

SGGPO August 21, 2023 16:25

Today, August 21st, in Ho Chi Minh City, Touchstone Partners and Temasek Foundation (a non-profit organization under Temasek Foundation, Singapore), in collaboration with the Ho Chi Minh City Institute for Development Studies (HIDS), launched the "Net Zero Challenge" competition to seek technological solutions to combat climate change.

Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan and other delegates launched the competition.

At the competition launch ceremony, Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan highly appreciated the significance of the competition and expressed his hope that it would be an opportunity for entrepreneurs and innovative businesses in the green economy sector with viable products to participate, aiming to solve problems and minimize negative impacts from climate change; support businesses in piloting solutions in Vietnam, promoting them to the world, and connecting with investors.

Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan speaks at the launch ceremony of the competition.

“Ho Chi Minh City is Vietnam’s largest economic and industrial center. Along with its development, Ho Chi Minh City is leading the way in assessing emissions, seeking solutions, and developing plans to contribute to fulfilling Vietnam’s commitments at the 2021 United Nations Climate Change Summit (COP26). Implementing these commitments will present many challenges but also many opportunities, especially when grasping the global and Vietnamese trend of green transition. In this context, the city’s shift towards a green economy and green growth is not only an inevitable choice but also an opportunity to catch up with global development trends,” said Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan.

The Net Zero Challenge aims to identify and support early-stage climate change mitigation technologies with the potential to address large-scale environmental challenges. The competition focuses on three main issues: Renewable energy and carbon neutrality; Sustainable food systems and agriculture ; Circular economy and waste management.

Participating teams will have the opportunity to win a total prize pool of VND 15 billion (USD 630,000) to pilot climate change mitigation solutions in Vietnam, as well as access to investment funds, business partners, policymakers, and climate change alliances, along with many other incentives and benefits.

Representatives of the organizing committee announced details about the competition.

The application period for the competition is from August 21st to October 15th, 2023. The organizers will select the 9 best teams to participate in the final round in early December 2023. To participate in the Net Zero Challenge 2023, teams need to have developed a prototype product (Minimal Viable Product MVP) with the potential for successful scaling or commercialization.

Teams can be startups, research teams, corporate projects, or non-profit organizations ready for a large-scale pilot project. Products that are overseas, already commercialized elsewhere, but seeking to develop strategic partnerships in Vietnam can also apply.

With the collaboration and support of the Temasek Foundation, the Touchstone Partners fund plays a key role in identifying and training participating teams, and will guide and connect winning teams with suitable partners to support the successful large-scale pilot implementation. In addition to the organizing bodies, the competition's judging panel also includes corporations and investment funds in the region that support sustainable development goals.

"For the Touchstone Partners team, the Net Zero Challenge is not just a competition, but also a platform connecting technology ideas with suitable business partners. Our goal is to build a community and a long-term support system for technology initiatives that address climate change in Vietnam," said Mr. Tran Nhat Khanh, Director of Touchstone Partners.

Lim Hock Chuan, Program Director of the Temasek Foundation, said: “We are delighted to be a part of the Net Zero Challenge 2023, contributing to unlocking the potential of Vietnam’s innovation ecosystem, bringing groundbreaking solutions to this market, and contributing to a greener future for all.”

Teams participating in the Net Zero Challenge also have the opportunity to collaborate directly with leading business partners such as Keppel (specializing in real estate infrastructure), Loc Troi Group (with expertise in large-scale agriculture), and Duy Tan Plastic Company (with in-depth knowledge of materials science and plastic recycling).

Source: https://www.sggp.org.vn/thach-thuc-net-zero-voi-tong-giai-thuong-15-ty-dong-post702464.html