At COP29, wealthy nations agreed to increase climate finance for developing nations, setting a new target of $300 billion annually by 2035, an improvement from the previous $100 billion goal. However, this falls short of what’s needed. Global leaders emphasised that public and private sector actors, including governments, businesses and financial institutions, work together to mobilize $1.3 trillion per year by 2035.

P4G’s model of providing early-stage funding and technical assistance aligns with the urgent need to mobilise climate investment. By bridging early-stage finance gaps, these startups can attract further capital and drive systemic change across key sectors. By 2027, these partnerships aim to collectively leverage $42 million in investments, create over 4,500 new jobs, benefit about 830,000 people, and reduce or avoid around 450,000 metric tons of carbon emissions.

“Startups can play a catalytic role in advancing the climate transition, yet they remain significantly underfunded,” said McGuckin. “With P4G’s specialised support, these startups will scale investable adaptation and mitigation solutions that will not only build resilience in climate-vulnerable regions but also create pathways for sustainable economic growth and private-sector investment.”

P4G connects early-stage startups to nonprofits and technical specialists who can help them strengthen their market understanding, business proofs and Environmental-Social-Governance strategies to make their solutions more attractive to investors. These new P4G partnerships will focus their efforts on Colombia, Ethiopia, Indonesia, Kenya, South Africa and Vietnam.

Startup partnerships also benefit from P4G’s national platforms with real-world insights from the startups and connections to relevant agencies that can facilitate policy dialogues and workshops to create a more enabling market environment for climate businesses.

One of these partnerships, BATx – Fundación Socya, will use its funds to reduce e-mobility waste and scale sustainable energy storage in Colombia and Latin America. By refurbishing end-of-life lithium-ion batteries for reuse in energy storage systems, BATx is creating a circular economy that cuts waste and lowers environmental impacts.

“BATx is poised to become a leading provider of energy storage solutions in Latin America,” said Pablo Castellanos Ramelli, co-founder and COO of BATx. “P4G’s support will help us scale rapidly, deliver cost-effective, second-life battery systems and advance Colombia’s renewable energy transition.”

enfarm and CARE have developed IoT-powered soil sensors to improve soil health and crop yield for smallholder farmers in Vietnam. Photo: p4gpartnerships.org

Among the partnerships receiving funding are Mobius Energy and Savant, which are developing solar-electric refrigeration systems for commercial transport vehicles in South Africa. In Ethiopia, Waterlife and Max Foundation are providing safe drinking water through solar-powered, treated water hand pumps. In Vietnam, enfarm and CARE are working on IoT-powered soil sensors to enhance soil health and boost crop yields for smallholder farmers.

P4G received 150 applications for this round of funding. An Independent Grants Committee, comprising climate and impact investing experts, evaluated the shortlisted partnerships to select the final recipients.

Since its launch in 2018, P4G has evaluated over 1,000 applications and funded 119 partnerships that have mobilised over $526 million in total investment within their sectors, generated more than 14,000 jobs, and prevented more than 11.6 million metric tons of carbon emissions. P4G partnerships focus on providing products and services in climate-smart agriculture, food loss and waste reduction, water resilience, zero-emission mobility and renewable energy.

P4G helps early-stage climate startups in emerging markets and developing economies become investment ready. It provides startups with grants and technical assistance, and partners them with national level public-private platforms to help navigate the marketplace.

Through this approach, P4G strengthens market systems for climate entrepreneurs and accelerates just and resilient country economic transitions. Hosted by the World Resources Institute and funded by Denmark, the Netherlands, and the Republic of Korea, P4G accelerates food, water, and energy partnerships in Colombia, Ethiopia, Indonesia, Kenya, South Africa, and Vietnam.