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Bring mercury down! Now, a competition to find new age cooling solutions

Bring mercury down! Now, a competition to find new age cooling solutions

TechEmerge has partnered with IHCL to accelerate the adoption of energy-efficient, affordable, climate-smart cooling technologies and business models in the growing hospitality sector

Image source: KangeStudio/iStock Image source: KangeStudio/iStock

As cooling currently accounts for about 10 per cent of greenhouse gases and 15 per cent of energy consumption worldwide, International Finance Corporation(IFC) and Indian Hotels Company (IHCL) have launched an open call for innovators worldwide to bring efficient, climate-smart, cost-effective cooling solutions to India's hospitality sector.

IFC's TechEmerge connects innovators from across the globe with private sector businesses and other clients in emerging markets to pilot cutting-edge solutions and build commercial relationships where needed most. TechEmerge has partnered with IHCL to accelerate the adoption of energy-efficient, affordable, climate-smart cooling technologies and business models in the growing hospitality sector.

"IHCL is committed to creating a positive impact on the environment. The company's annual renewable energy consumption has increased considerably, with many of our key hotels powered by wind and solar energy sources. Our sustainable cooling partnership with IFC is a win-win move that enables us to reduce operating costs, limit our greenhouse gas emissions and help shape hospitality to meet the needs of tomorrow," Gaurav Pokhariyal, Senior Vice President & Global Head Human Resources, IHCL.

The TechEmerge Sustainable Cooling Innovation Program in the Indian hospitality sector has been funded by the UK Government and will offer 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.

Applications can be submitted till April 30, 2021 post which innovative companies will be selected through a competitive process and then invited for matchmaking with IHCL to discuss piloting their solutions at five of its hotels, with the potential for successful innovations to be scaled across its properties.  IFC and a panel of industry experts will provide support during market entry and tech transfer, helping innovators mitigate financial and operational risks and lowering adoption risks for companies like IHCL.

"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," says Jun Zhang, Country Head - India at IFC.

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.

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