A Singaporean foundation announced today to offer project funds of up to S$1 million to support clean energy and circular economy solutions.

The funds are part of the Liveability Challenge 2019 — a global campaign that aims at addressing the global climate change issues.

Presented by Temasek Foundation Ecosperity and organised by Eco-Business, the Liveability Challenge 2019 aims to close the financing gap between the ideas needed for liveable cities of the future.

Mr Lim Hock Chuan, Chief Executive of Temasek Foundation Ecosperity, said: “More action is needed as the world seeks to accelerate the transition to a decarbonised and resource-efficient future.”

“Together with our partners, we hope to get more people on board and help game-changing solutions get the funding and support they need to be commercialised, ” he added.

From today on till 5 April, organisers are accepting proposals for energy and circular economy solutions that have already completed proof of concept and are at technological readiness.

Shortlisted finalists will get to pitch their projects to a panel of venture capitalists and investors at the finale as part of the annual Ecosperity Conference in June, the organisers said.

The projects are open to start-ups, innovators or anyone with an impactful, demonstrable solution, the organisers said.

Speaking of the challenges brought by the global climate change, the organisers call “the need for transformative action has never been greater”.

Humanity only has 12 years to curb its carbon emissions and keep global warming below 1.5 degrees Celsius—or risk an irreversible climate crisis, according to the recent report by the Intergovernmental Panel on Climate Change.

It’s not game over yet. But beating the 12-year climate deadline and providing better lives for Asia’s growing urban population will take a drastic reduction in our energy footprint and moving to a circular economy to minimise waste and consumption.

Michael Maniates, Professor of Social Science and Head of Studies of Environmental Studies at Yale-NUS,  said Singapore’s biggest contribution to the world’s battle against global climate change is its capacity in social innovation.

“I hope Singapore will become an incubation for social experiments,” he told Fortune Times, noting that these experiments include efforts in reducing the consumption of various resources.