IFC and IHCL Launch Global Call for Innovators to bring climate smart cooling solutions to Indian Hospitality Sector
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity
The TechEmerge Sustainable Cooling Innovation Program in the Indian hospitality sector has been funded by the UK Government. It offers innovators market access and a combined pool of up to $500,000 in grant funding to pilot new solutions, including home-grown Indian solutions that reduce the high energy usage and climate impacts of cooling systems.
Cooling currently accounts for about 10 per cent of greenhouse gases and 15 per cent of energy consumption worldwide. In a business-as-usual scenario, energy used for cooling is expected to triple by 2050 globally, while demand could increase five-fold in hot tropical countries like India. Cooling innovation offers one of the most cost-effective ways to meet this challenge, while also tackling climate change.
“As countries emerge from the pandemic, a green, resilient recovery is increasingly critical and remains a strategic pillar of IFC’s continued efforts. IFC has financed over $5.4 billion in green buildings, including almost $1 billion in green hotels. Accelerating climate-smart cooling innovations in India—home to an expanding hotel sector and one of the world’s fastest growing cooling markets—paves the way for job creation, business opportunities for innovative companies like IHCL, and their clients and partners while spurring low-carbon economic growth in the region and beyond,” said Jun Zhang, Country Head – India at IFC.
Applications can be submitted at TechEmerge Sustainable Cooling in the Indian Hospitality Sector through April 30, 2021.
IFC and a panel of industry experts provide support during market entry and tech transfer, helping innovators mitigate financial and operational risks and lowering adoption risks for companies like IHCL.
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