The annual Net Zero Challenge contest that began in HCM City on Tuesday seeks to find technological solutions for climate change in Việt Nam. VNA/VNS Photo Ngọc Ánh

HCM CITY — The second annual Net Zero Challenge contest to seek technological solutions to address climate change began in HCM City on Tuesday.

With prize money of VNĐ15 billion (US$630,000), it is open to Vietnamese and foreign startups, research teams, and non-profits working in climate technologies.

Entities whose solutions have been commercialised in other nations but want them piloted in Việt Nam can also enter.

The contest will have three main fields: renewable energy and carbon neutrality, food systems and sustainable agriculture and circular economy and waste management.

Contestants will be asked to develop a product that has the potential to be commercialised or replicated in the country. 

The best solutions will be trialled and introduced to investment funds, policymakers and climate change alliances.

Winners can expect to receive an investment of US$100,000 from Sopoong Ventures and Touchstone Partners venture capital companies, and prize money of VNĐ200 million (US$7,835) from the German Corporation for International Cooperation.

The submission deadline is September 15, and nine outstanding teams will enter the final round to be held in November.

This year's contest aims to establish an open, innovative platform to connect entities in climate technologies and promote green technology and green capital among businesses.

Ngô Thùy Ngọc Tú, director of Touchstone Partners, said Việt Nam lacks capital to support early-stage technology development, especially climate technologies.

She hoped the contest would help nurture the sector and combat climate change in the country.

Last year the contest received over 100 applicants from 45 countries and 200 others from Việt Nam.

The three winners were Vietnamese battery startup Alterno for its thermal energy storage solution using sand battery technology, Forte Biotech with a tester to detect diseases in prawn, and AirX Carbon with a plastic replacement produced from biowaste. — VNS