Washington D.C., July 22, 2020— IFC,
a member of the World Bank Group, launched today TechEmerge Cooling in
partnership with the UK Government’s Department for Business, Energy &
Industrial Strategy (BEIS). This new program calls on innovators from around
the world to bring their climate-friendly cooling solutions to Latin America.
The match-making program offers market access and funding to top innovators
to pilot their cooling solutions in Mexico and Colombia, where highly urbanized,
hot cities rely heavily on energy-intensive cooling technologies.
Over the next decade, the cooling sector’s
annual global market value is expected to reach almost USD 170 billion.
However, cooling technology is often inefficient and costly, accounting
for 15 percent of energy consumption worldwide. With 10 percent of all
worldwide greenhouse gas emissions today coming from cooling, new solutions
are critically needed to address the climate footprint of growing demand.
“Sustainable cooling technologies represent
a fast-growing business opportunity with particular importance to emerging
markets,” said Alzbeta Klein, Director and Global Head of Climate Business
at IFC. “We are excited to support leading technology innovators develop
cooling solutions across a full range of sectors.”
Cooling is critical for human health and productivity.
Cooling technologies can help to lessen the spread of airborne viruses
and support health care services and vaccine delivery.
“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,” said William Sonneborn, Senior Director of Disruptive
Technologies and Funds at IFC.
IFC is now seeking applications from technology
companies interested in scaling climate-smart, energy efficient cooling
solutions through pilot projects in Mexico and Colombia, where the demand
for cooling is expected to double over the next decade. Applications
to TechEmerge Cooling can be submitted at www.techemerge.org/cooling
through September 18, 2020. The new TechEmerge Cooling program is implemented
in partnership with the UK Government’s Department for Business, Energy
& Industrial Strategy (BEIS).
Tech companies and start-ups selected through
a competitive process will be invited to meet with TechEmerge adopters
in Mexico and Colombia to discuss piloting and commercializing their innovations
in these markets. IFC and a panel of industry experts will provide support
during market entry and tech transfer. This will help the tech companies
and start-ups offset financial and operational risks and help local governments,
corporates, and other cooling providers lower adoption risks. Pilot projects
will also receive grant funding from a total pool of up to USD 1.5 million.
The TechEmerge program has a proven track
record of matching cutting-edge tech companies and start-ups with leading
corporations and other organizations in emerging markets. The program has
been successful in India, where innovators were matched with leading local
health care providers to implement pilot projects reaching more than 18,000
patients. These initial pilots generated commercial contracts worth USD
1 million to scale-up innovations that are expected to benefit over 300,000
people each year.
IFC—a sister organization of the World Bank and 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 2019, we invested more than $19 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. For more information, visit www.ifc.org.
About UK Government (Department of Business,
Energy & Industrial Strategy, BEIS)
BEIS is the UK Government department responsible for business, energy,
industrial strategy, science, research and innovation, clean growth, and
climate change policy. This includes managing the UK’s international climate
finance for supporting climate change mitigation in developing countries
and leading the UK’s representation in climate change negotiations. The
UK is playing an important role in accelerating clean energy innovation
through its leadership of Mission Innovation and Chair of its Steering
Committee and has pledged to double its spending on clean energy innovation
to £400m by 2020/2021. The UK is also doubling its international climate
finance to £11.6billion over the next five years – including £1billion
for clean energy innovation to support research, development and demonstration
in developing countries under the Ayrton Fund.