India has an opportunity to tap the $1.6 trillion cooling business
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In the year 2019, the government launched the India Cooling Action Plan (ICAP). Its objective was to provide sustainable cooling solutions for various sectors. These include building indoor cooling, cold chain and refrigeration in the agriculture and pharmaceuticals sectors, and air conditioning in passenger transport. Its aim is to reduce the demand for cooling by 25 percent by 2037. A World Bank report last year laid out the roadmap for ICAP. According to this, India will need an investment of $ 1.6 trillion by 2040 for alternative and innovative energy efficient technologies in India. This can generate about 37 lakh jobs. That is, India can emerge as a global hub of green manufacturing in the coming days.
Crores of people will be benefited
India has set a target of 25 per cent reduction in cooling demand across all sectors by 2037-38 under the ICAP. Similarly, a target has been set to cut the refrigerant demand by 30 percent and the cooling energy requirement by 40 percent. A target has been set for training and certification of 100,000 servicing sector technicians by 2022-23. According to the World Bank report, concessional finance from multilateral banks, financial institutions and private sector will help India in this work. The market for cooling technology can reach up to 1.5 trillion dollars by 2040. Such techniques can be tried on a large scale in programs like Pradhan Mantri Awas Yojana. This can benefit 1.1 crore households in urban areas and 2.9 crore households in rural areas.
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