Manufacturing giants showcased breakthrough technologies with 5X less climate impact than conventional AC units and are planning to bring them to market by 2025.
A global coalition initiated by the Government of India, Mission Innovation, and RMI announced today the winners of the Global Cooling Prize, an international innovation competition to develop super-efficient and climate-friendly residential cooling solutions. Gree Electric Appliances, Inc. of Zhuhai with partner Tsinghua University; and Daikin with partner Nikken Sekkei Ltd. emerged as the two winners among eight Finalists after shattering the perceived ceiling of performance. These companies have produced prototypes that have five times (5X) less climate impact than standard air conditioning units available in the market today. When scaled, such technologies can prevent 132 GT of CO2 -equivalent emissions cumulatively between now and 2050 and mitigate over 0.5?C of global warming by the end of the century.
Congratulating the winners of the competition, Sir Richard Branson, founder of the Virgin Group said: "A market transformation opportunity for the cooling sector is now a reality. As this incredible achievement begins to be recognized and applauded, it's time for regulators to focus on the policies and standards that will help us bring these technologies to market."
The eight Finalist teams were led by some of the world's largest air conditioner (AC) manufacturers and promising startups from India, China, Japan, the United States, and the United Kingdom.
RMI Chief Executive Officer Jules Kortenhorst highlighted how collaboration across governments, industry, and civil society organizations, resulted in the success of the initiative. "In this decisive decade, let this herald a new era of collaboration to spur innovations and the discovery of viable solutions in the other sectors that are yet to move towards low-carbon, efficient, and clean technologies."
The Prize Finalists, which collectively produce well over 20% of the world's residential room ACs, are determined to bring them to market within the next few years. Gree Electric Appliances, Inc. of Zhuhai, a winner of the Prize, and Qingdao Haier Air Conditioner Gen Corp. Ltd., a partner of Finalist Transaera Inc., have announced their intention to join in the COP26 "Race to Zero Breakthrough" for the cooling sector.
The winners will share the prize purse of US$1 million equally.
CONTACT: Alexandra Chin, 973-262-0002, firstname.lastname@example.org
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