According to a recent World Bank assessment, as India’s temperatures continue to rise due to climate change, there may be a $1.6 trillion investment opportunity in cutting-edge green energy technologies by 2040.
According to a news release from the World Bank, alternative cooling technologies could generate up to 3.7 million new employment while also significantly reducing greenhouse gas (GHG) emissions.
By 2030, more than 160 to 200 million people could be exposed to catastrophic yearly heat waves in India as annual temperatures rise. Additionally, a drop in productivity brought on by heat stress could result in the loss of employment for roughly 34 million individuals nationwide.
By 2037, it is anticipated that India would require eight times as much cooling as it does now, which will result in a projected increase in greenhouse gas emissions of 435 percent per year for the following 20 years.
According to Auguste Tano Kouam, the World Bank’s Country Director in India, we must make sure that the nation’s cooling initiatives do not increase GHG emissions and contribute to further warming.
According to the press release, new initiatives are being developed to aid Indians in adjusting to the country’s rising temperatures. In 2019, the nation launched the India Cooling Action Plan (ICAP), which introduces sustainable cooling practices to various industries, including refrigeration and a cold temperature-controlled supply chain network for pharmaceuticals and agriculture, as well as air conditioning for buildings and transportation. By 2037 to 2038, the cooling demand is anticipated to drop by as much as 25%.
Kouam stated in the press release that India’s cooling plan may help save lives and livelihoods, lower carbon emissions, and concurrently establish India as a global powerhouse for manufacturing green cooling. By 2040, the report’s recommended cooling strategy might prevent the emissions of 300 million tonnes of carbon dioxide yearly.
It will be ensured that people who are the poorest are not disproportionately impacted by rising temperatures if cooling measures are made standard for structures sponsored by both private and public funding.
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The Pradhan Mantri Awas Yojana, India’s affordable housing program, might proportionally incorporate these improvements, which could assist with the construction of more than 29 million rural dwellings and 11 million urban homes, according to the report Climate Investment Opportunities in India’s Cooling Sector.
The research suggested funding through private investments in cooling technology for districts that employ subterranean pipelines to transmit chilled water to several buildings and a central plant to manufacture it. The method can reduce cooling costs for particular buildings by 20 to 30 percent, resulting in a reduction in energy costs.
In order to reduce the growing amount of food and medications that are lost during shipment, the research recommended filling holes in cold chain systems. By investing in refrigerated and pre-cooling transportation, food loss can be decreased by about 76%, and carbon emissions can be cut by 16%.
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Food Is Wasted During Shipment Every Year for Around $13 Billion Owing to Heat.
By 2047, India also intends to phase out hydrochlorofluorocarbons, which are ozone-depleting coolants for refrigerators and air conditioners. Over the next 20 years, switching to alternatives with a reduced carbon footprint and improving the maintenance, servicing, and disposal of equipment that uses hydrochlorofluorocarbons has the potential to generate two million jobs and reduce the requirement for refrigerants by around 31%.
Large-scale private investment in this industry can be boosted by the appropriate combination of public investments and policy initiatives. The report’s authors, Mehul Jain of the World Bank and Abhas K. Jha of the Practice Manager, Climate and Disaster Risk Management, South Asia, called for the acceleration of these initiatives by establishing a flagship government mission to address the opportunities and risks associated with rising temperatures in India.
