Cooler Finance
Rising global temperatures mean demand for cooling in homes, workplaces, and across supply chains is accelerating, particularly in developing economies where the impact of extreme heat is already being felt most acutely. A new analysis from IFC and the United Nations Environmental Programme (UNEP) finds that the market for sustainable cooling in developing economies is set to more than double over the next 25 years from around $300 billion in annual demand currently. That means the business opportunity for investors will amount to at least $600 billion in annual demand by 2050, most of which will be attributed to active cooling.
The study also finds that adopting sustainable cooling solutions, as opposed to inefficient equipment that uses more power, could cut emerging economy consumers’ electricity bills by as much as $5.6 trillion over the next 25 years. It will also reduce the amount of new investment needed in additional power generation to meet peak electricity demand by $1.8 trillion.