Asia-Pacific energy startups attracts international investment

The International Solar Alliance (ISA) launched the SolarX Startup Challenge for the Asia-Pacific region at COP28, showcasing its commitment to fostering entrepreneurship and driving solar projects in the region. Following the success of the Africa edition, SolarX APAC is poised to be a pivotal force in advancing solar initiatives.

This groundbreaking initiative aims to cultivate scalable business models, accelerate global energy transitions, and bridge energy and investment gaps.

Dr Ajay Mathur, director general of the ISA said, "The SolarX Startup Challenge epitomises our commitment to accelerating solar deployment in the Asia-Pacific region. We recognise the unique challenge of developing projects in economies requiring renewable energy. ISA is addressing this challenge from both ends. We are collaborating with governments to establish favourable policies and, through SolarX, attracting investments to create a demand where there was none.”

“The 'Solar for She' programme, launched alongside SolarX, aims to encourage more women-led startups, building on the success seen in the Africa leg of SolarX. I hope that these entrepreneurs achieve levels of success that rival the impact and innovation of Amazon and Google."

Under the SolarX Startup Challenge, 20 startups from across the Asia-Pacific region will be selected, each receiving a $15,000 cash grant. This initiative, symbolising a commitment to excellence, provides a transformative platform for entrepreneurial success, innovation, and strategic networking.

Successful entrepreneurs will undergo an intensive acceleration programme and receive mentorship from seasoned professionals. To facilitate market penetration and expansion, SolarX winners will be connected with potential investors and granted access to diverse markets within the Asia-Pacific region.

Dr Mathur added, "ISA has established a Global Solar Facility to unlock investments, and by cultivating entrepreneurs, we aim to foster locally relevant business models and create a robust project pipeline. Through entrepreneurship, finance, and increased investments, we anticipate a transformative shift in enabling a swift energy transition. Our vision is to nurture a new generation of leaders shaping the future of solar energy and contributing to global climate action."

The Sequoia Climate Foundation is supporting the Asia-Pacific edition of the SolarX challenge. Christie Ulman, president of Sequoia Climate Foundation, said, "Sequoia Climate Foundation looks forward to continuing its partnership with ISA in championing the widespread deployment of clean, affordable energy solutions across ISA’s member countries, which is critically important to the global energy transition. To that end, we are excited to partner with ISA to launch the Asia Pacific edition of the SolarX Challenge, which supports solar scale-up and capacity building in the Asia Pacific region and beyond."

Following the success of SolarX Africa, which received 182 applications from 28 countries and produced 20 winning companies, including seven women-led ventures, ISA anticipates that the Asia-Pacific region will play a crucial role in ushering in a sustainable and low-carbon future.

The initiative aims to harness the immense potential for solar deployment, driven by entrepreneurship, innovation, and increased investments in the solar energy sector.

During the World Leaders Summit at COP28 on December 1, Vietnamese Prime Minister Pham Minh Chinh launched the Resource Mobilisation Plan (RMP), which marks a key milestone towards the implementation of the Just Energy Transition Partnership.

In light of a green strategic partnership between Denmark and Vietnam established in November, the leaders of both nations have agreed to take concerted measures to further deepen the bilateral relationship.

New rules and the removal of various disadvantages in the country’s current power purchase agreement model could help international finance find its way into Vietnam’s energy transition process.

Almost one year ago, the Vietnamese government agreed on a Just Energy Transition Partnership (JETP) to facilitate the transition away from fossil fuels towards cleaner forms of energy. In the months since, there has been a flurry of activity to support the operationalisation of that initial agreement.

Vietnam has made a closer step towards international assistance for its energy transition by announcing its net-zero emission implementation plan on the grand stage of the COP28 climate summit.