With increasing awareness of climate change, it is vital to make smart investments on greener technologies which not only encourage sustainable environments but also enhances businesses.
FREMONT, CA: Latest data has revealed that carbon emissions have started to peak again, and the recent wildfires, floods, and extreme weather are evidence for the impacts of the heightened emissions growing frequent and unavoidable.
While several positive steps have been taken, including the landmark Paris Climate Agreement and the rapid increase of price-competitive renewable energy sources, it is clear that innovation is necessary for every aspect of the energy system, the primary purpose being averting the disastrous consequences caused by climate change.
Substantial attention and investment have gone toward innovation in low-carbon energy production, giving way to growth in technologies like solar and wind power. But, comparatively less attention has been allotted to techniques used in equipment and appliances, which creates the demand for electricity.
Recently a report by the Rocky Mountain Institute estimated a four-fold hike in the number of residential air conditioners (RAC) on the market by 2050, numbers rising from 1.2 to 4.5 billion units. The value of carbon emitted by RACs is predicted to raise the global temperature by 0.5°C within 2100. The exponential growth of this scale in the number of air conditioners will make it nearly impossible to keep global warming in check and compliance to the Climate Agreement goal signed in Paris is less than 2°C above preindustrial levels.
This phenomenon presents a massive market opportunity for investing in efficient and transformative cooling technologies that ensure development and attainment of climate goals.
An air conditioner designed for maximizing efficiency and minimizing the impact on climate will offer a breakthrough by accelerating the intended impact of Kigali Amendment. Also, provides a renewed economic opportunity. By investing in applied cooling technologies, businesses can also seek new growth.
Although the technology for replacing the traditional refrigerants and high energy consumption exists, translation of the prototypes into marketable systems is the challenge that needs to be overcome. Adsorption chillers utilizing solar, thermal, or waste heat, low-GWP refrigerants are some technologies if made viable for the marketplace will play a significant role in the reduction of GHG emissions.
Open innovation events can offer a pathway for encouraging new ideas with the incentivizing technological pioneers over the world. Interlinking such programs with government-led bulk procurement programs, enabling seed investments, and negotiating advanced market commitments will also boost the transformations to sustainable methods of cooling.