A contest called ‘Net Zero Challenge’ kicked off on August 25 in HCM City to find practical solutions in the fight against climate change. — Photo www.sggp.org.vn

HCM CITY — The HCM City Institute for Development Studies (HIDS) in collaboration with Vietnamese venture capital firm Touchstone Partners and Singapore’s Temasek Foundation on Thursday launched a contest called ‘Net Zero Challenge’ to look for practical solutions to fight against climate change.

Speaking at the contest launch ceremony, Vice Chairman of the municipal People’s Committee Võ Văn Hoan said the city is the largest economic hub in the country and releases a huge amount of emissions.

Therefore, HCM City is actively seeking effective solutions to carry out the national commitment at the 2021 United Nations Climate Change Conference (COP26).

“This is both a challenge and opportunity for the city to quickly keep up with the global green shift. The choice of a green economy and development is inevitable now,” he said.

He hopes that innovative businesses in the green economic field will introduce their current products that can help diminish the negative impacts of climate change, and for more connections between enterprises and investors.

The ‘Net Zero Challenge’ contest aims to support technologies that can manage large-scale environmental challenges in the first stages of climate change.

It focuses on three major aspects: renewable energy and carbon neutrality, sustainable food and agriculture systems, and circular economy and waste management.

The deadline for application submission is mid-October.

The judging board includes organisations, corporations and investment funds in the region that support sustainable development.

It will select nine outstanding solutions for the final round to be held in December.

The prizes are worth VNĐ15 billion in total (US$630,000) for the best solutions, which will then be piloted in the country and introduced to investment funds, businesses, policy makers and climate change alliances.

Contestants can be innovative startups, research teams, members of businesses or non-profit projects that are ready for a large-scale piloting project.

Foreign entrepreneurs who have made products which have already been commercialised in other nations but wish to develop a strategic partnership in Vietnam can also apply.

All participants must have a Minimal Viable Product (MVP) that has the potential to be successfully replicated or commercialised.

They will have an opportunity to directly collaborate with leading enterprises such as those specialising in real estate infrastructure, L Group (with knowledge of large-scale agriculture) and Duy Tan Plastics Co., which has deep understanding of material science and plastic recycling.

Touchstone Partners and Temasek Foundation will train contestants and then help to connect the winners to suitable partners for large-scale pilot programmes. — VNS