Climate change is the talk of the world, with the rising compliance and policy measures for the inclusion of green house gas and carbon credits into the system of businesses and supply chains for effective accountability is something that impacts every household and businesses as well as governments. A world bank report on the investment opportunities in India due to cooling effects 2022 highlights some data and the pain areas that needs attention. Let's know of it.
The report says that from 2030 onwards, more than 160 to 200 million people could be exposed to a lethal heat wave in India every year.
Around 34 million Indians will face job losses due to heat stress-related productivity decline.
By 2037, the demand for cooling is likely to be 8 times more than the current level.
Market potential and investment opportunity
in space cooling will be US$1.6 trillion by 2040., besides reducing greenhouse gas emissions significantly and creating 3.7 million
jobs.
With the demand for cooling shooting up, there will be a demand for a new air conditioner every 15 seconds.
This will lead to an expected rise of 435% in annual greenhouse gas emissions over the next two decades.
In this scenario, it becomes important for India to deploy alternative and innovative energy efficient technologies for keeping spaces cool.
The report analyzed the India Cooling Action Plan and came up with suggestions for prioritizing the government’s investment opportunities in the cooling sector. (Read about the climate change and ots impacts here)
If you're wandering that how the heat in the atmosphere will impact the jobs than it is because everything we do from morning till night is somewhere connected to Environment even if we are not employed directly in this sector. The change in climate impacts the crops which in turn impacts the food prices and government supply chains which impacts all of us not only in terms of high prices but the quality of food.
Than high climate effects results in more spending on comfort and luxury items such as the air conditioners and less usage of public transport which impacts everyone of us especially the ones who cannot afford to have air conditioners in their homes.
How can we tackle it?
India is one of the first countries in the world to develop a comprehensive Cooling Action plan
which has a long-term vision to address the cooling requirement across sectors.
India Cooling Action Plan (ICAP) was launched in 2019 to provide sustainable cooling measures across various sectors like indoor cooling in buildings, Cold chain and refrigeration in agriculture and pharmaceuticals, Air-conditioning in passenger transport etc.
It seeks to reduce cooling demand across sectors by 20% to 25% by 2037-38. Reduce refrigerant demand by 25 % to 30% by 2037-38. Recognize “cooling and related areas” as a thrust area of research. Recognize “cooling and related areas” as a thrust area of research under national S&T Programme. ( Read on why the air quality of India is bad and its impact here )
Overall we need the right set of policy actions and public investments that can help leverage large scale private investment in cooling sector. Along with the government efforts this needs to be a public movement where everyone comes up together to make a better living world after all it is us who are breathing this year and not only the government people. It is us and our children who will have to bear the pain of the impact of heat effects and climate change.
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