Cooling demand presents opportunity

As climate change drives up global temperatures, Africa faces a growing cooling emergency that threatens everything, from food security to pharmaceutical logistics. But according to Rusmir Music, global cooling lead at the International Finance Corporation (IFC), this crisis also presents a major investment opportunity. “Rising global temperatures mean demand for cooling in homes, workplaces and across supply chains is accelerating, particularly in developing economies,” he said during a recent online event. A new report by the IFC and the United Nations Environmental Programme found that Africa was expected to see the highest growth in cold chain infrastructure globally, growing at seven times the current rate going forward. “We look at cooling as both a developmental challenge and a significant investment opportunity,” he said. Currently, the cold chain market – including stationary refrigeration and mobile transport cooling – is valued at around $160 billion annually. Globally, the cooling sector as a whole is projected to reach $600bn per year by 2050. In Africa, this includes demand for warehousing, refrigerated transport and temperature- sensitive supply chains – especially in pharmaceuticals and agri-food. LV