The Department for Promotion of Industry and Internal Trade (DPIIT) on Saturday signed a Memorandum of Understanding (MoU) with the Global Energy Alliance for People and Planet (GEAPP) to accelerate innovation, sustainability and entrepreneurship in India’s clean energy and manufacturing sectors.
The two-year partnership, with a provision for extension, will support early-stage climate-tech startups through funding access, mentorship, pilot opportunities and market linkages. The initiative seeks to build a strong pipeline of scalable, investable ventures aligned with India’s net-zero ambitions.
As part of the MoU, GEAPP will launch the Energy Transitions Innovation Challenge (ENTICE)—a competitive platform offering up to $500,000 in rewards for high-impact solutions. Investment support will also be facilitated through partners like Spectrum Impact and Avana Capital. DPIIT will connect the program to the Startup India network and anchor outreach through major government schemes.
Sanjiv, Joint Secretary, DPIIT noted that India’s climate leadership depended on a strong entrepreneurial base. He underlined that the partnership would open significant opportunities for clean energy startups to scale technologies that support the country’s long-term net-zero objectives.
GEAPP's India vice president, Saurabh Kumar, also described the MoU as a pivotal move to foster systemic change through collaboration between industry, government, and innovators. He said GEAPP’s global experience, combined with Startup India’s network and DPIIT’s institutional support, would unlock new opportunities for clean energy entrepreneurship.
Earlier, Outlook Business pointed out that as India’s climate action plans gaining momentum, a pack of clean-tech start-ups have taken off the blocks, from renewable energy to electric mobility. However, to stay up with the global frontrunners in the sustainability race, ventures in the clean-tech space struggle to attract funds due to various challenges, including large capital costs, growth concerns, regulatory uncertainty and scalability.
In 2024, climate tech firms secured just $50bn in private and public equity funding—a sharp 40% drop from the previous year, marking the sector’s third straight year of decline. A recent study by IIMA Ventures and Mitsubishi UFJ Financial Group found that only 25% of the over 800 active climate tech start-ups have managed to attract venture capital. Over the past ten years, clean-tech has drawn around $3.6 billion, while fintech companies pulled in more than $19.3bn, highlighting investor preference for quicker returns.
India has introduced several schemes and partnerships to boost climate tech start-ups. Finance Minister Nirmala Sitharaman also announced the "National Manufacturing Mission" to support clean technology (cleantech), furthering India’s “Make in India” ambition during her record eighth consecutive budget presentation in the Parliament on February 1.
