Innovators from around the world are being invited to bring forward their climate-friendly and energy efficient cooling solutions to Latin America under a new programme.
The TechEmerge Cooling initiative, launched by the UK Government’s Department for Business, Energy & Industrial Strategy (BEIS) and IFC, a member of the World Bank Group, is offering market access and funding to top innovators to pilot their cooling solutions in Mexico and Colombia.
The cooling industry’s annual global market value is expected to reach almost $170 billion (£129bn) over the next year.
However, cooling technology is often inefficient and costly, accounting for 15% of energy consumption worldwide.
The IFC says with 10% of global greenhouse gas emissions coming from cooling, new solutions are critically needed to address the climate footprint of growing demand.
William Sonneborn, Senior Director of Disruptive Technologies and Funds at IFC said: “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.”
Submissions are being invited until 18th September 2020.
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