Cleantech has become a catalyst of change in the era of responsible and sustainable development
Clean technology or its fancy abbreviation ‘Cleantech’ can be defined as a process, product, or service that leaves no or minimum adverse impact on the environment, thus promoting healthy environmentally friendly practices. With rising climate change and other environmental concerns, Cleantech startups have gained a significant rise in investments across the world. Earlier, the concept was only limited to Europe and the US. Today, while India has become a pivot of flourishing Cleantech startups, Co-Founder and ex-managing director of Jabong Praveen Sinha has commented that such startups are revolutionizing the Indian market.
In 2017, the Indian Cleantech market stood at $25 billion and is expected to grow multifold as the nation is aggressively moving in the direction to achieve its ambitious target of generating 175 GW of renewable energy by 2020. India, one of the maneuvering powers behind the successful conclusion of the Paris Agreement, has ramped up its previous target to 225 GW by the same year. Praveen Sinha said that opens up “immense opportunity for the startup sector to flourish and revolutionize the whole sector in India and abroad.”
In the past decade, multiple startups have emerged with striking ideas providing viable business and power solutions. One such Bengaluru-based startup —Log 9 Materials, is a nanotech firm that provides zero emissions and low-cost aluminum-air fuel cell. Similarly, BhuTantra Waste Management is another firm that takes inspiration from nature to transform waste into natural products. SolarOcta Energy Services, on the other hand, is providing self-sustained rooftops with solar PV plants, farming, biogas, and rainwater harvesting. “These are some of the state-of-the-art Cleantech startups that are changing things at the ground levels.”
“There are loads of such startups that cash sufficient and have dynamic business ideas. Most of the early startups in the 2000s across the world in the Cleantech sector failed because they had amazing business ideas but failed to earn benefits. With poor financing and mal-administration, most of them failed which is a lesson to the Indian startup regime. Interestingly, Indians startups are dynamic and investors are also playing an active role in guiding these startups towards success,” says Praveen Sinha.
He also applauded the government and PM Modi for active policymaking in the area which is stimulating the Cleantech market in India. “The government is running several programs to ensure responsible as well as accessible development. Energy is now accessible to people in greater numbers. This is commendable as the government is not only exploiting conventional resources but enhancing its non-conventional sources of energy capacity.”
“Cleantech startups are changing the scenario in India, eventually helping to achieve sustainable development goals. With governments, investors, and the startups holding hands together, we ought to achieve our sustainable development goals in the given period,” Praveen Sinha.
