United Arab Emirates’ (UAE) National Central Cooling Company or Tabreed & International Finance Corporation (IFC) are set to invest USD 400 Million(~2900 Crore) in Capital deployment in India & South-East Asian countries for building cooling service infrastructure.
- The focus areas of Investment will be district cooling, trigeneration & cooling as a service offering.
- The 400 Million investment will help in installation of energy-efficient end- to-end cooling as a service offering for real estate developments, new urban master plans & ongoing redevelopments across target cities.
- Tabreed & IFC (member of the World Bank Group) have formed a Joint Venture (JV) for establishing a district energy investment platform in Singapore.
Government of India’s Action Plan
- The Government of India Cooling Action Plan (ICAP) estimates an eight-fold increase in Cooling service demand through to 2038.
- The commercial real estate sector alone is estimated to add 100 Million refrigeration tons in capacity during the same period.
- At present, cooling as a service market is at a starting stage in India. It has significant potential to grow as a big sector in India.
India Cooling Action Plan (ICAP)
It was launched in 2019 by the Ministry of Environment, Forests & Climate Change.
It provides a 20-year perspective and outlines actions needed for providing access to Sustainable Cooling.
It seeks to
- Reduce cooling demand across sectors by 20% to 25% by 2037-38
- Reduce Refrigerant demand by 25% to 30% by 2037-38
- Reduce cooling energy requirements by 25% to 40% by 2037-38
- Recognise ‘Cooling and related areas’ as an area of research under the national Science & Technology programme.
- Training & Certification of 1 Lakh servicing sector technicians by 2022-23 in association with Skill India Mission.
Chairman of the Board – Khaled Abdulla Al Qubaisi
Headquarters – Masdar City, Abu Dhabi, UAE
About International Finance Corporation (IFC):
IFC is a member of the World Bank Group.
MD, Executive Vice President – Makhtar Diop
Headquarters – Washington D.C., USA