With the aim of supporting technological solutions to fight climate change and achieve Vietnam’s sustainable development goals, Touchstone Partners, a Vietnam-based venture capital (VC) firm, and the Singapore-based Temasek Foundation have co-launched a global climate innovations competition called the Net Zero Challenge (N0C) 2023.

Speaking at the launch on August 21 in Ho Chi Minh City, Mr. Lim Hock Chuan, Head of Programs at the Temasek Foundation, noted that identifying solutions to problems caused by climate change has become a top priority for all countries around the world. The challenges created are becoming more critical with each passing year. Decarbonization continues to be a pressing issue, with energy use accounting for three-quarters of global emissions. As a result of such changes, more extreme weather with increasing frequency and severity have become more common.

“Vietnam and Singapore are not spared from the impact of climate change,” he went on. “In response, the Temasek Foundation is now partnering with Touchstone Partners to launch N0C. We believe that given Vietnam’s vast resources in human and innovation capital, N0C will be a valuable launchpad for emerging climate solutions. The competition will provide opportunities for innovators to showcase their efforts and subsequently scale them for full commercialization and market adoption.”

Mr. Tran Nhat Khanh, Managing Partner at Touchstone Partners, noted that climate change solutions often receive less funding than other tech sectors. Further support from the government and corporations is essential for green initiatives to achieve the desired impact and be commercialized quickly.

Teams will compete in three tracks for a total prize pool of VND15 billion ($630,000) to pilot solutions in Vietnam, receive global exposure, and gain access to investors, along with many other perks and benefits. Only teams that have developed a pilot to create a minimally-viable product with the intention of commercialization are eligible to take part.

Organized in partnership with the Ho Chi Minh City Institute for Development Studies (HIDS), the first edition of N0C in Vietnam features three tracks, including Renewables & Carbon Removal, Food Systems & Sustainable Agriculture, and Circular Economy & Waste Management.

Submissions are open from August 21 to October 15. The Organizing Board will select the nine best innovators for the Grand Finale in early December.

The competition is open to commercially-viable and scalable technology-based projects from startups, research teams, corporate teams, and non-profit organizations, with a prototype showing proof of value and demonstrating potential for widespread adoption. Projects must be suitable for Vietnam and the country’s specific challenges and opportunities for implementation. Overseas projects and products from innovators who wish to develop a strategic partnership in Vietnam can also lodge a submission.