Finance is key barrier to roll out solutions to weather extreme heat: UNEP climate head
He said the scarcity of funding could be the biggest challenge to scaling measures that are working.
Financing stands as a critical hurdle in deploying climate-friendly solutions against extreme heat, according to the United Nations Environment Programme's (UNEP) climate change division director, Martin Krause. Energy-efficient air-conditioners, reflective paints, and construction materials that reduce heat transmission to buildings are among the measures UNEP advocates for, yet the prevailing energy-guzzling air-conditioners are more prevalent due to their affordability.
Krause emphasized that transforming this trend necessitates financial support not solely from governments, but also from the private sector. He highlighted the scarcity of funding as the most significant challenge in implementing effective cooling measures.
In Southeast Asia, approximately 75% of air-conditioners are less efficient. While the technology for greener alternatives exists, scaling it requires financial mechanisms. According to a 2024 report by UNEP and the International Finance Corporation, the market for cooling solutions in developing economies is projected to soar from $300 billion (S$383 billion) to at least $600 billion per year by 2050, exacerbated by the El Nino-driven intensification of extreme weather, heat, and drought.
Krause suggested development banks, like the Asian Development Bank and the World Bank, could mitigate financial risks associated with new, environmentally friendly cooling technologies by offering lower interest rates to companies borrowing for these products.
At the inaugural Global Cooling Pledge Assembly in Singapore, attended by representatives from around 60 countries, Krause stressed the importance of financing cooling measures, especially for vulnerable groups such as rural farmers and construction workers. Discussions centered on innovative financing methods, including the monetization of carbon credits.
By replacing inefficient cooling systems with more efficient ones, the reduction in emissions can be sold as carbon credits, which are then purchased by polluters to offset their carbon footprint. Switzerland and Ghana are exploring this approach, where Ghana will deploy energy-efficient air-conditioners using a low-global-warming-potential refrigerant, and the revenue generated from carbon credits will support Switzerland's climate objectives.
Singapore is implementing measures to mitigate heat, including coating all housing estates with cool paint by 2030, which could reduce ambient temperatures by up to 2 degrees Celsius. Employers are mandated to ensure outdoor workers have shaded rest areas, wear breathable uniforms, and have access to cooling measures such as ice packs or water sprays.
Krause expressed optimism about more proactive steps in Southeast Asia, such as establishing cooling shelters for vulnerable populations, enhancing early warning systems for heatwaves, and halting outdoor work during extreme temperatures. He noted that while no single solution exists for extreme heat, the escalating concern over this issue warrants immediate and concerted efforts.
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