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

Tags: Reports Environment

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

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.

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