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The cooling market in developing economies is projected to grow from approximately USD 300 billion annually to over USD 600 billion by 2050, according to a report released today by the UN Environment Programme (UNEP)-led Cool Coalition and the International Finance Corporation (IFC). The report indicates that Africa will see the most rapid expansion, with its cooling market multiplying sevenfold, while South Asia’s market is expected to quadruple.
The report, titled “Cooler Finance: Mobilizing Investment for the Developing World’s Sustainable Cooling Needs,” calls for prioritizing sustainable, energy-efficient, and environmentally friendly cooling solutions. As developing economies currently account for two-thirds of global cooling-related emissions, their cooling demand is expected to double by 2050 due to rising populations, economic growth, and urbanization.
Sustainable cooling technologies have the potential to reduce cooling-related emissions in these economies by nearly 50% by 2050. Achieving this goal will require:
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- Emphasizing passive cooling methods such as insulation, reflective materials, and expanded green spaces alongside energy-efficient technologies.
- Implementing stricter energy performance standards, enforcing building energy codes, and phasing out climate-warming refrigerants faster.
Significant upfront investment is essential to meet these goals. Closing the existing gap in access to cooling for households and small-to-medium enterprises (SMEs) in developing countries will require between USD 400-800 billion, in addition to meeting future demand growth.
Inger Andersen, Executive Director of UNEP, emphasized the critical nature of cooling in the face of rising global temperatures.
Key recommendations from the report include enhancing data collection on cooling needs, costs, and financing, raising awareness, scaling successful business models, and increasing high-risk funding for pilot technologies. The report also highlights the importance of leveraging blended finance, concessional funding, and expanding the Global Cooling Pledge into a Sustainable Cooling Finance Partnership.
UNEP and IFC are committed to collaborating with governments, businesses, and stakeholders to mitigate investment risks and ensure that sustainable cooling solutions reach all, particularly low-income regions facing rising heatwaves.
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