The U.S. Department of State has announced the launch of the $3 million Smart Cities Business Innovation Fund 2.0 (BIF 2.0) through its U.S.-ASEAN Smart Cities Partnership (USASCP). This initiative, in collaboration with the Stockholm Environment Institute, is designed to support micro, small, and medium-sized enterprises (MSMEs) in ASEAN member states that are developing innovative, carbon-neutral solutions to urban challenges.

In 2022, the inaugural Business Innovation Fund provided awards totaling $1 million for projects ranging from $100,000 to $200,000 each. These projects took place in Cambodia, Indonesia, Lao PDR, Malaysia, the Philippines, and Vietnam and included initiatives such as agroecology gardens, biodegradable seaweed packaging, plastics recycling, carbon footprinting efforts, hydrologic flood monitoring systems, and solar panel recycling.

"The initiative underscores the U.S. commitment to accelerate urban sustainability and climate action across the ASEAN region," according to a statement from the Department of State.

The second iteration of this fund aims to triple its impact by providing $3 million for carbon-neutral urban innovation projects. The U.S. Department of State will collaborate with Enterprise Singapore—a government agency under Singapore’s Ministry of Trade and Industry—to finance select joint projects between ASEAN member states and Singapore. This partnership seeks to expand private sector cooperation and promote business partnerships that advance urban innovation and sustainable market solutions.

Enterprise Singapore will facilitate collaborations between Singapore-based companies and entities within ASEAN countries. Eligible participants include companies, NGOs, and universities with at least 51 percent ownership in an ASEAN member state. Joint activities such as research and development will be supported to bring these projects to market.

Proposals can be submitted between October 2024 and February 2025 via usascp.org/apply.