Let $G=(V,E)$ be an undirected graph with $|E|=m$ edges.
Given that any clique of size $\ge 2$ can be identified with its corresponding edges, and at most every subset $S\subseteq E$ creates a clique, $G$ can have at most $|P(E)|= 2^m$ cliques of size $\ge 2$.
However, based on the intuition that it's better to arrange the edges into bigger cliques, I'd assume arranging the $m$ edges into one big clique of size $c$ is optimal (whenever it's possible). If $c$ is the size of that clique, we have $m=\binom{c}2 \rightarrow c\le 4\sqrt m$, and I'd therefore assume that one can get an upper bound of the form $2^{4\sqrt m}$.
How would one show this upper bound?
Noting in above simple proof that only subsets $S$ with size $\left|S\right|=\binom{i}2$ for some $i\in \mathbb N$ can ever be edge sets of a clique doesn't seem to help.