The market for cooling refrigeration and air conditioning is already substantial and is on a rapid growth trend owing to climate change, urbanisation and income growth.
Domestic and residential cooling accounts for more than 60 per cent of overall demand placing the onus on real estate developers and households. However, demand is growing more quickly among commercial and industrial cooling users from hotels to data centre operators.
The report noted that cooling devices are a substantial and growing contributor to climate change as they contribute to emissions both directly and indirectly.
"The market for cooling products and services is booming and is projected to grow hugely. This is important to meet human needs; however, if we fail to sustainably transform the cooling market we will fail to avoid a climate catastrophe," K-CEP Executive Director Dan Hamza-Goodacre said.
The EIU's report also highlighted immediate steps to be taken to avoid the need for cooling like shifting to cooling with lower emissions, improving cooling efficiency and protecting those most vulnerable to a lack of cooling.
"Leading companies are seizing this business opportunity with clever design and smarter energy use offsetting growing energy demand. But we need to scale up and fast. The first signatories to our EP100 Cooling Challenge include key Indian manufacturers and a major hotel chain, as well as a Middle Eastern retail giant every major company should follow suit," The Climate Group CEO Helen Clarkson said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.