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The report is a joint effort of International Finance Corporation (IFC) and UNEP led Cool Coalition.
- Report emphasizes on Sustainable Cooling's investment needs and financing gaps and highlights opportunities for private investors.
- Sustainable Cooling refers to the use of climate-friendly refrigerants for cooling without causing any environmental damage, including climate impact.
Why there is a need of Sustainable Cooling Solutions?
- Avoid the vicious cycle of meeting cooling demands (air conditioning) through solutions that further heat the planet.
- About ~66% of emissions related to cooling is from developing countries (2022) {can increase to>80% by 2050}.
- High market Potential: Sustainable cooling market is expected to cross USD 600 billion, per year by 2050.
- Also, presents ~$8 trillion opportunity for developing economies.
- Reducing Climate Change related Casualties: E.g. ~5 Lakhs death annually due to global warming.
- Other: Achieving SDG Goals (E.g. SDG 13 Climate Action), etc.
Challenges faced by Developing Countries
- Systemic Issues:-
- Demand Side: high upfront costs, high risk, etc.
- Supply Side: few funding sources for small companies, supply chain issues, etc.
- Not considered a traditional financial sector or asset class.
Key Recommendations
India’s Initiatives
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