"Growing Climate Tech into Unicorns"… Tan-nok-wi Announces 'Net Zero Challenge X'

Prime Minister Han Duck-soo is delivering the opening address at the Net Zero Challenge X business agreement and launch ceremony held at Park Byung-won Hall, D.CAMP Front1, Mapo-gu, Seoul on the 24th. 2024.9.24 Photo by Yonhap News

On the 17th, the 2050 Carbon Neutral Green Growth Committee announced an integrated public notice for the first implementation of the national carbon neutrality project, 'NetZero ChallengeX.'

'NetZero ChallengeX' is a project aimed at contributing to carbon neutrality and strengthening green growth by discovering startups with innovative technologies in greenhouse gas reduction and climate crisis adaptation fields, and providing various benefits to help them grow into unicorn companies. To this end, the Carbon Neutral Green Growth Committee held a business agreement and launch ceremony on September 24 with companies, institutions, and ministries responsible for startup incubation, investment, and support, and has been planning the project together with participating organizations.

NetZero ChallengeX is jointly promoted under an integrated framework by the Carbon Neutral Green Growth Committee and participating organizations. Starting with this integrated public notice, from January 2025, the procedure to select and support 'NetZero ChallengeX' companies will begin according to each participating organization's schedule.

The institutions directly selecting and supporting commercialization (Tier 1) consist of a total of 12 organizations: six incubation-focused institutions that have been conducting startup incubation, including the Korea Institute of Science and Technology Commercialization Promotion, Korea Technology Finance Corporation, Korea Credit Guarantee Fund, LG Science Park, SK Telecom, and the Korean Intellectual Property Office, as well as six private investment firms focused on investment.

Each institution plans to discover startups and prospective entrepreneurs (teams) possessing innovative technologies or ideas and support their startup and commercialization efforts.

From January next year, individual announcements will be made by each institution. Excellence in technology and commercialization will be evaluated by each institution, while the contribution to carbon neutrality will be reviewed and assessed by the Carbon Neutral Contribution Evaluation Committee operated by the Carbon Neutral Green Growth Committee.

Startups selected through this process will receive incubation or investment support and become eligible for additional incubation (Tier 2) or common indirect support (Tier 3). Additionally, a year-end performance sharing meeting will be held to encourage the selected startups and gather feedback on project operations with participating organizations.

Meanwhile, startups selected by Tier 1 institutions that wish to receive additional incubation after receiving incubation and investment support can receive priority selection, exemption from document screening, and additional evaluation points to support further incubation.

Startups selected by Tier 1 institutions will be eligible for customized support such as regulatory exemptions, public procurement, green finance, guarantees, mentoring and networking, and integrated IP solutions, receiving various necessary support throughout their business growth process.

Detailed information about the integrated public notice and this project can be found on the 'NetZero ChallengeX' website operated by the Carbon Neutral Green Growth Committee and the websites of each participating institution.

Any prospective entrepreneur (team) or startup company can apply. For detailed information, applicants should check the individual announcements by each institution starting from January next year and apply according to each institution’s application procedures.

Han Hwajin, co-chair of the Carbon Neutral Green Growth Committee, said, "This project, a national-level support system by a public-private one team for climate technology startups, will be a new window of opportunity for our country to leap forward as a carbon-neutral and climate technology powerhouse. We expect active interest and applications from startups with innovative ideas and technological capabilities through this integrated public notice."