For more than three decades, the Multilateral Fund has supported interventions in the refrigeration, air-conditioning and foam sectors that have enabled the transition to environmentally friendly cooling technologies. Such activities resulted in industry conversions to ozone-friendly alternatives, but also helped industry, particularly small- and medium-sized enterprises manage their transition to alternatives in a manner that was safe while ensuring business continuity.
With the adoption of the Kigali Amendment in 2016, the Multilateral Fund is assisting developing countries to phase down HFC-based technologies and mitigate climate change. As of the 94th meeting, 109 countries have received funding for the preparation of KIPs, 39 countries have received funding for KIPs, and 11 countries have had HFC phase down stand-alone investment projects approved. Furthermore, KIPs for additional countries are expected to be submitted over the next 24 months.
Cooling systems play a crucial role in our daily lives. These systems keep our perishable food fresh, protect the vaccines that save lives, help keep fisheries’ catch fresh on the way to market, and maintain a comfortable temperature in our homes and workplaces.
Today, 20 percent of total electricity consumption comes from cooling equipment and that is expected to more than double by 2050.
If the world switched to more efficient cooling systems, UNEP estimates that an additional 3.5 billion people to benefit from refrigerators, air conditioners or passive cooling by 2050 and save consumers more than $1 trillion a year in terms of reduced electricity bills!
The Fund’s role in promoting sustainable cooling is important, from the development and deployment of safer and less global warming refrigeration technologies to the training of technicians, technology transfer, establishment of national regulations, and strengthening of national institutions.
Recently, the Executive Committee of the Multilateral Fund adopted an operational framework to support the manufacturing of energy efficient equipment for refrigeration and air conditioning while phasing down HFCs. An initial funding window of US $100 million over 3 years will support projects developed and implemented under this framework.
8 years after the adoption of the Kigali Amendment, this World Ozone Day is a reminder of the big strides that the Montreal Protocol and its unique financial mechanism have done in advancing climate action, in building a resilient future and in contributing to sustainable cooling for all.