The evaluation emphasises the potential market in sustainable cooling and advocates for investments in green refrigerants, energy-efficient ACs and fans, and enhanced thermal comfort in buildings
The World Bank has highlighted a potential $1.6 trillion market for sustainable cooling solutions in India, encompassing environmentally friendly refrigerants, highly efficient air conditioners and fans, and advancements in thermal comfort within buildings.
India is anticipated to contribute 25 percent to global energy demand growth in the next two decades, poised to surpass the European Union as the world's third-largest energy consumer by 2030. With projections indicating a nine-fold increase in electricity demand for household air conditioners by 2050, surpassing Africa's current total power consumption, India's Cooling Action Plan, initiated in 2019, is deemed prescient.
The World Bank's evaluation emphasises the potential market in sustainable cooling, advocating for investments in green refrigerants, energy-efficient ACs and fans, and enhanced thermal comfort in buildings.
The institution commits to supporting distinct strategies for decarbonising electricity, advancing energy storage, and improving energy efficiency.
In business-as-usual emissions scenarios, megacities in India, Bangladesh, and Pakistan face the imminent risk of extreme heat surpassing the survivability threshold of 35 degrees Celsius.
India, already facing challenges in agricultural water consumption, utilises double or triple the water volume to produce a unit of major food crops compared to China, Brazil, and the United States.
Agriculture is a significant contributor to greenhouse gas emissions. The World Bank stresses the need for increased mechanisation, expanded groundwater irrigation, and cold chain development, all amplifying energy demands, necessitating improved energy efficiency and adopting low-carbon energy.
Climate change is projected to cause agricultural losses exceeding $7 billion nationwide in India by 2030, significantly impacting the income of 10 percent of the population.
The World Bank's South Asia Region (SAR) Climate Roadmap aims to strengthen India's and Pakistan's water-agriculture nexus. The roadmap includes technical assistance for agricultural subsidy reforms, water resource management policies, and water pricing reforms. The proposed activities include performance-based lending, focusing on resource efficiency in an upcoming irrigation project in India.