Climate Investment Opportunities in India’s Cooling Sector

Why in News?

•  ‘Climate Investment Opportunities in India’s Cooling Sector’ has recently released by the World Bank Group, investment opportunities in India’s cooling sector through less carbon-intensive technologies could add up to USD 1.6 trillion.

Highlights

• The report analyzed the India Cooling Action Plan (ICAP) launched in 2019 and came up with suggestions for prioritizing the government’s investment opportunities in the cooling sector.
• The report does not focus on air conditioning because only 40% of Indians will have air conditioning by 2040 — which is currently around 8% — and the rest for whom passive cooling technologies have to be the focus.
• Investment opportunities across three different sectors — construction, cold chains and refrigerants — have the potential to reduce greenhouse gas (GHG) emissions significantly and also create nearly 3.7 million jobs.
• Around 34 million people in the country might lose their jobs because of heat stress and subsequent decline in productivity.
• The world is already on a path where there would be many more intense heat waves like the one India witnessed in 2022
• Heat stress is set to increase drastically in a world on its way to a two-three degree rise in temperatures.
• Sustainable space cooling solutions may reduce annual GHG emissions by 213 metric tonnes of carbon dioxide equivalent by 2040.
• This can be achieved by increasing the efficiency of cooling technologies — air conditioners, ceiling fans and chillers — which can save 30% energy by 2037-38
• It is suggested to use concessional finance from Multilateral Development Banks like the World Bank for investments in strategies to plug the gaps in the cold chain distribution networks.
• Such investments can help reduce food loss by about 76% and decrease carbon emissions by 16%.