$30 trln in additional investments required to achieve net zero in 8 hard-to-abate sectors
The Net Zero Industry Tracker 2024 estimates that $30 trillion in additional capital will be required across ...
Global Cooling Pledge to allow low-emissions cooling reach 3.5 bn more people, save $ 22 trln
The Global Cooling Watch report said implementing the Global Cooling Pledge would allow low-emissions cooling to reach an additional 3.5 billion people, save $22 trillion for end-users and the power sector, and reduce global peak load demand by between 1.5 and 2 terawatts, which is almost double the EU’s total generation capacity today. If rapid grid decarbonization was added to these actions, predicted 2050 emissions could be reduced by 96 percent.
Executive Director of the United Nations Environment Program (UNEP) Inger Andersen made the remarks while declaring the launch of the Global Cooling Watch Report 2023 at 28th United Nations climate Change Conference (COP28).
The cooling sector must grow to protect everyone from rising temperatures, maintain food quality and safety, keep vaccines stable and economies productive. These are all essential elements of sustainable development. But business as usual growth would double the sector’s greenhouse gas emissions by 2050, which is an outcome we must avoid.
The report said predicted 2050 cooling emissions can be reduced by 60 percent. The world can deploy nature-based and passive cooling measures such as insulation, natural shading and ventilation. Adopt higher efficiency standards, including Minimum Energy Performance Standards and labeling. Accelerate the phase-down of climate-warming hydrofluorocarbon refrigerants through the Kigali Amendment to the Montreal Protocol.
“To deliver these benefits, governments must introduce aligned policies that support these measures. Governments have already signaled their commitment to do so through the Global Cooling Pledge. Finance also needs to rise, although the $22 trillion in savings and the societal benefits of deep emissions cuts would make the sustainable cooling transition affordable,” Andersen said.
“The potential outcomes of a sustainable cooling transition sound almost too good to be true, but they are true. This is one of the rare cases where we should do something because the cool kids are doing it. So, I’m asking governments, the private sector and financiers to get behind the Global Cooling Pledge with real money and real action,” she concluded.
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