New Delhi [India], May 17 (ANI): The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with the Global Energy Alliance for People and Planet (GEAPP) to promote innovation and entrepreneurship in the clean energy and manufacturing sectors.

The Ministry of Commerce and Industry shared this update on Saturday.

Ministry said this two-year partnership, which can be extended in the future, aims to support early-stage climate-tech startups in India. The collaboration will provide these startups with access to funding, mentorship, pilot opportunities, and market linkages.

The goal is to create a strong pipeline of scalable and investable ventures that are in line with India's net-zero goals.

Under this MoU, GEAPP will also launch the Energy Transitions Innovation Challenge (ENTICE). This challenge is a competitive platform that will offer up to USD 500,000 in rewards for solutions that can bring a high impact in the climate-tech space.

In addition, investment support will be provided through partner organizations such as Spectrum Impact and Avana Capital.

Commerce ministry in a statement said 'DPIIT will connect the program to the Startup India network and anchor outreach through major government schemes'.

Sanjiv, Joint Secretary at DPIIT, emphasized that India's leadership in climate action depends on a strong base of entrepreneurs.

He said the partnership with GEAPP will create important opportunities for clean energy startups to grow and develop technologies that support India's long-term net-zero targets.

Saurabh Kumar, Vice President, India, GEAPP, called the MoU a major step towards driving change through collaboration between the government, private sector, and innovators.

He said that GEAPP's global experience, combined with the support of DPIIT and Startup India's network, would help unlock new opportunities for climate-tech entrepreneurship.

The MoU was signed by Sumeet Jarangal and Saurabh Kumar in the presence of senior officials from both DPIIT and GEAPP. (ANI)