New Delhi, India, January 27, 2022 — Six cutting-edge innovators have been selected to partner with Indian Hotels Company Limited (IHCL), to pilot new cost-effective, climate-smart cooling technologies, as part of IFC's TechEmerge program.
The selected innovators are Paharpur Cooling Towers, IOTomation Ecotech, Green Efficient Solutions, Desiccant Rotors International, and Zenatix Solutions from India, and Elgressy Engineering Services from Israel. They will pilot their new space-cooling solutions at seven of IHCL's Taj hotels over the next 12-18 months, supported by a pool of up to $500,000 in total grant funding.
IFC's TechEmerge Sustainable Cooling Innovation Program, which is funded by the UK Government's International Climate Finance (ICF), matches innovators across the world with leading companies in emerging markets to accelerate the adoption of solutions that make cooling more affordable and energy-efficient, while mitigating greenhouse gas emissions.
"Congratulations to Indian Hotels Company Limited (IHCL) and its innovation partners for piloting more affordable and efficient cooling technologies," said British High Commissioner to India, Alex Ellis. "This is an essential step for reducing emissions and delivering on the Glasgow Climate Pact agreed at COP26."
"At IHCL, we constantly endeavor to contribute to preserving the environment in a meaningful way. Our partnership with IFC's TechEmerge program and some of the world's most exciting cooling innovators is a unique and industry-first collaboration creating sustainable solutions in the hospitality sector," said Gaurav Pokhariyal, Senior Vice President & Global Head - Human Resources, IHCL.
India is one of the world's fastest-growing cooling markets, but conventional air-conditioning, refrigeration, and other cooling applications are highly expensive, consume large amounts of energy, and produce seven percent of greenhouse gases globally.
"Sustainable cooling is not a luxury but a necessity for managing energy demand and equitable energy access. It has far-reaching impacts on health and economic prosperity—while tackling the clear and present challenge of climate change. Through programs like TechEmerge, IFC supports private sector innovation to pave the way for scalable and cutting-edge cooling solutions, driving climate action and resilience across India and the region," said Wendy Werner, India Country Head at IFC.
In addition to funding, the TechEmerge Program also provides advisory support throughout field testing to help innovators mitigate financial and operational risks, reduce adoption risks for local firms, and facilitate market entry and tech transfer. If the pilots are successful, IHCL and innovators may decide to enter commercial partnerships.
TechEmerge programs have helped to raise hundreds of millions of dollars in financing and investment, built commercial relationships, supported private sector growth in key sectors, and scaled disruptive solutions that are expected to benefit millions of people each year while addressing some of the world's most pressing development challenges.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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About IHCL
The Indian Hotels Company Limited (IHCL) and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. These include Taj – the iconic brand for the most discerning travellers and the World's Strongest Hotel Brand as per Brand Finance 2021, SeleQtions, a named collection of hotels, Vivanta, sophisticated upscale hotels and Ginger, which is revolutionising the lean luxe segment. Incorporated by the founder of the Tata Group, Jamsetji Tata, the Company opened its first hotel - The Taj Mahal Palace, in Bombay in 1903. IHCL has a portfolio of 231 hotels including 58 under development globally across 4 continents, 12 countries and in over 100 locations. The Indian Hotels Company Limited (IHCL) is India's largest hospitality company by market capitalization. It is primarily listed on the BSE and NSE.
Please visit: www.ihcltata.com; www.tajhotels.com; www.seleqtionshotels.com; www.vivantahotels.com; www.gingerhotels.com
About UK International Climate Finance (ICF)
Mobilising finance to support the low-carbon transition is one of the four key goals for the UK's COP26 Presidency. Through International Climate Finance (ICF) the UK supports countries as they seek to mitigate against and adapt to the impacts of climate change, whilst reducing their emissions. It is a vital tool in the Government's commitment to tackle climate change internationally and has committed to spend at least £11.6 billion of climate finance between 2021 and 2025.
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