India is missing out on the opportunity to sign the cooling pledge this time. But, how other countries can take advantage of future financial flows?
At the upcoming COP28 climate summit, India is unlikely to support a worldwide program focused on decreasing emissions related to cooling technologies. The fundamental reason for government authorities' hesitation has been concerns about preserving inexpensive cooling. The initiative, which was established in partnership with the United Arab Emirates by the United Nations Environment Programme's Cool Coalition, aims to reduce carbon dioxide emissions associated with cooling by at least 68% by 2050 compared to 2022 levels. The decision on whether to support this plan is scheduled to be made during the annual climate conference in Dubai, which takes place from November 30 to December 12.
India, along with China, has significant influence in terms of economic power and carbon emissions, making their participation important to the initiative's success. India has previously been praised for its efforts to solve cooling difficulties through the India Cooling Action Plan, which establishes aggressive targets for decreasing cooling-related energy usage.
However, Indian officials are not willing to commit to targets that go beyond the 1992 Montreal Protocol, which limits ozone-depleting chemicals and hydrofluorocarbons found in equipment such as refrigerators and air conditioners. India's concerns stem from the country's significant increase in cooling demand, particularly in domestic air conditioning, which has witnessed a 21% increase in electricity use between 2019 and 2022.
The problem for India is to strike a balance between its commitment to lowering emissions and the need to provide inexpensive cooling for its rising population, despite the fact that its per capita carbon emissions remain relatively low in comparison to the world average.
Finally, the vow to reduce global warming provides countries with an excellent opportunity to accept financing from other nations and philanthropies. If India does not seize this opportunity, other countries will benefit from future money flows worldwide.
The outcome of this decision is strongly expected, as it might have far-reaching consequences for the worldwide effort to battle climate change.
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