Postcode Lottery Green Challenge is offering green sustainable entrepreneurs the chance to secure £430,000 for a green innovative idea that helps reduce greenhouse emissions

A £430,000 (€500,000)* prize is up for grabs for the company that develops the next big carbon-cutting innovation.

The Postcode Lottery Green Challenge aims to support business plans that will help reduce greenhouse gas emissions.

Running until the 17 July, the global competition will see entrepreneurs from all over the world submit business plans for products or services that can directly reduce the amount Co2 in the atmosphere, which certainly comes as good news in the light of the fact that atmospheric levels of carbon dioxide passed 400 parts per million.

Entries must be at the stage where they can be brought to market within two years. The winning business idea will be awarded £430,000 and invaluable support from industry experts.

Sir Richard Branson, a supporter of the competition since its conception in 2007, said: "The Postcode Lottery Green Challenge is about using that innovation to make a real difference to climate change and we are calling on all British entrepreneurs to enter the competition."

The competition, now in its seventh year, has been a success for British entrepreneurs, which until last year, have always made it to the final. This year's competition was launched by 2009 finalist and runner-up winner, Robert Matthams, at Sustainability Live the UK's ‘number one' event for sustainable business management.

Robert is managing director of Shiply.com, an online company that connects those looking to send items all across Europe with haulage companies with empty, or considerably empty, vehicles already doing that journey.

Speaking about the competition, Robert said: "The UK has a relentless drive to create, innovate and tackle the large underlying environmental problems we face today. However, entrepreneurs are often unable to raise the necessary funding or make the required industry connections to really make things happen at scale.

"The Green Challenge offers a fantastic platform for entrepreneurs, providing access to unrivalled contacts and valuable resources that can help make a huge difference to their idea and the environment, and I am forever grateful for their support towards Shiply.com."

A panel of business and sustainability experts, including Sir Richard Branson, will assess the viability of the entries and select a handful of finalists to present their ideas before an international jury of experts in September in Amsterdam.

Entries are measured on their ability to help reduce Co2 emissions in a range of categories including ICT, lifestyle, design, energy and mobility. Applications are open from today and submissions can be made at www.greenchallenge.info until 17 July 2013.

* Exchange rate March 2013