The cooling market in developing countries is expected to grow from about $300 billion a year to at least $600 billion by 2050 (AFP, Getty Images)
As global temperatures rise due to climate change, developing countries urgently need cooling solutions that do not contribute to carbon emissions or increase electricity costs.
A new report by the United Nations Environment Program (UNEP)-led Cool Coalition and the International Finance Corporation (IFC) says the cooling market in these regions could double from $300 billion to $600 billion a year by 2050. Africa is expected to grow the fastest. growth.
The report focuses on traditional cooling methods such as fans, air conditioners, and refrigeration equipment, but also highlights the need for affordable and energy-efficient alternatives.
Many people in developing countries, particularly Africa, are vulnerable to rising temperatures because they lack access to electricity or cannot afford basic cooling equipment.
“These countries are particularly vulnerable to the deadly effects of rising temperatures, and cooling measures are urgently needed,” IFC Managing Director Makhtar Diop said in a statement. “We are proud to present this report that outlines the opportunity to invest in sustainable, affordable and scalable cooling solutions for near-zero emissions.”
This report outlines the need for energy efficient, environmentally friendly and economically viable cooling technologies. It also warns that if current trends continue, annual emissions from air conditioning will double by 2050, contributing to more than 10% of global greenhouse gas emissions. In 2022, cooling-related emissions accounted for 7.1% of global emissions.
“Sustainable cooling solutions could reduce cooling-related emissions by almost 50% by 2050, saving electricity bills, capital costs, and power sector investments by $8 trillion,” the report says. states.
Approximately 3.5 billion people currently live in hot climates, but only 15% have access to cooling, primarily through air conditioning. Passive solutions such as insulation, cool surfaces, and nature-based options such as tree planting and reflective materials are often out of reach for poor communities.
“As record temperatures continue to be set around the world, staying cool is an essential need for both healthy communities and a healthy environment. We must avoid creating a vicious cycle,” said UNEP Executive Director Inger Andersen.
Mr. Andersen emphasized the importance of integrating cooling strategies with climate, health, food security, and economic development goals.
“We need sustainable, affordable and energy-efficient cooling solutions that meet growing demand and support resilience to climate change,” she said. The report calls on governments, businesses and multilateral banks to use financial products to support sustainable cooling solutions.
In addition to cooling, refrigeration poses serious challenges, especially in vaccine storage and food preservation. Without adequate refrigeration, vaccine quality may be compromised, food waste may increase, and food insecurity in vulnerable communities may be exacerbated.
The report recommends prioritizing passive cooling strategies, enforcing minimum energy performance standards, introducing building energy standards, and accelerating the phase-out of climate-warming refrigerants. It also advocates a systems approach to cold chain and cooling infrastructure, with incentives to foster innovation.
To meet the growing demand for sustainable cooling, the report estimates that upfront investments of $400 billion to $800 billion will be needed to fill existing gaps, especially for households and small and medium-sized enterprises (SMEs) in developing countries. I estimate that it will be.
“A sustainable cooling transition requires enabling conditions that make developing economies more attractive to investors,” the report states.
UNEP and IFC are working with governments, businesses, and other stakeholders to de-risk investments and ensure that sustainable cooling solutions reach low-income communities most affected by heatwaves. I'm here.