Greener cooling pathway can create a $1.6 trillion investment opportunity in India: World Bank

Tags: Reports Environment

Recently. a report titled "Climate Investment Opportunities in India's Cooling Sector" was released by the World Bank. The report states that an investment opportunity of $1.6 trillion could open up in India by 2040.

Highlight of the report

• India also has the potential to reduce greenhouse gas emissions significantly and create nearly 3.7 million jobs. 

• The report states that India is experiencing higher temperatures every year. India is likely to see a drastic reduction in the expected carbon-dioxide (CO2) levels over the next two decades.

• The report states that by 2030, more than 160-200 million people across the country could be exposed to deadly heat waves annually if alternative and innovative energy-efficient technologies are not adopted.

• The report states that around 34 million people in India will face job losses due to loss of productivity related to heat stress.

• The World Bank has said that by 2037 the demand for cooling is expected to exceed the current level by eight times.

• The current food loss due to heat during transportation of food items is close to $13 billion annually.

• Thus, there is a need to shift towards a more energy-efficient route that can lead to a substantial reduction in the expected CO2 levels.

• Recognizing this challenge, the World Bank said India is already implementing new strategies to help people adapt to rising temperatures.

Suggestions by the report

• The report proposes a roadmap to support India Cooling Action Plan (ICAP) 2019, through new investments in three major sectors like Building construction, Cold chains and Refrigerants.

• The report recommends large-scale adoption of the Pradhan Mantri Awas Yojana (PMAY), India's affordable housing program for the poor.

• It has also been proposed to create a policy for cooling that can consume 20-30% less electricity than efficient conventional cooling solutions.

• The report recommends improving the gap in the cold chain distribution network to avoid wastage of food and medicines.