World Bank’s International Finance Corporation (IFC) and the UK Government’s Department for Business, Energy & Industrial Strategy (BEIS) have launched the TechEmerge Cooling initiative.
The new programme calls on innovators from around the world to bring their climate-friendly cooling solutions to Latin America.
The match-making programme offers market access and funding to top innovators to pilot their cooling solutions in Mexico and Colombia, where highly urbanised, hot cities rely heavily on energy-intensive cooling technologies.
Mexico and Colombia are expected to double the demand for cooling over the next decade.
The BEIS and IFC will provide pilot projects with grant funding from a total pool of up to $1.5 million.
The launch of the Latin American version of the programme follows its success in India, where innovators were matched with leading local health care providers to implement pilot projects reaching more than 18,000 patients. These initial pilots generated commercial contracts worth $1 million to scale-up innovations that are expected to benefit over 300,000 people each year.
The global market for cooling solutions is expected to reach almost $170 billion over the next decade, according to a statement.
However, cooling technology is often inefficient and costly, accounting for 15% of energy consumption worldwide. With 10% of all worldwide greenhouse gas emissions today coming from cooling, new solutions are critically needed to address the climate footprint of growing demand.
Alzbeta Klein, director and global head of climate business at IFC, said: “Sustainable cooling technologies represent a fast-growing business opportunity with particular importance to emerging markets.
“We are excited to support leading technology innovators develop cooling solutions across a full range of sectors.”
William Sonneborn, the senior director of disruptive technologies and funds at IFC, adds: “Sustainable cooling technologies help protect the most vulnerable from climate change, support health care services and food supply chains, can decrease costs for businesses, and increase productivity. These are all critical aspects of a climate-smart strategy for the future of our planet.”
For more information about the programme is available at www.techemerge.org/cooling.