Ministry of Technology and Science, along with the Mission Innovation and Richard Branson founded non-profit Rocky Mountain Institute has now launched The Global Cooling Prize, which is a two-year long international competition which has been priced at $3 Million to find the breakthrough innovations in cooling technology and residential cooling technology.
According to a report which has been revealed by the Rocky Mountain Institute at the launch, growing economies like the China, India and South East Asian Countries people always tend to make three major purchases first: a TV, a Refrigerator, and an AC.
The number of AC units are much more projected to grow the massively from the today 1.2 Billion worldwide to 4.5 Million by 2050.
Calling all the RAC engineers, manufacturers, entrepreneurs and designers, or startups to apply and join the revolution to provide all the cooling to all, without warming the planet – The Global Cooling Prize competition is designed to provide an incentive to create a higher efficiency AC and support startups in a field which is currently dominated by a handful of the major corporate.
A winning technology could also help to prevent up to 100 Gigatons of the carbon emission by the end of 2050 and put the world on a mitigate up to 0.5 C of global warming by the end of 2100, according to the report.
More than $3 Million will be going to be awarded over the course of the two-year competition. Up to 10 shortlisted competing technologies will going to be awarded up to $200000 each in the intermediate prizes to support the design and prototype development of their innovative residential cooling technology designs.