San Francisco (December 6, 2023 ) – Metrus Energy announced today that it is making a $100 million commitment to the Global Cooling Pledge, emphasizing its dedication to sustainable cooling through the implementation of its Energy as a Service (EaaS) solution. The Global Cooling Pledge advocates for nations to decrease their cooling-related emissions by a minimum of 68% by the year 2050.
This is the world’s first collective focus on energy emissions from the cooling sector. It is calling on countries, corporations and financers to commit to investing capital and expanding access to sustainable cooling approaches. The urgency is evident. Data from the International Energy Agency highlights a projected 40% surge in electricity demand for space cooling by 2030. Additionally, the UN Environment Programme reports that emissions from refrigerants and energy consumption in cooling presently contribute to roughly 7% of global greenhouse gas emissions. This figure is predicted to triple by 2050 due to escalating temperatures.
Metrus founder and executive chairman, Bob Hinkle, made this announcement at the COP28 Climate Summit in Dubai. Metrus is dedicated to collaborating with businesses and governments to finance sustainable and efficient cooling projects, leveraging its energy-as-a-service (EaaS) solution.
"This is a critical call to action that will need both private and public sector buy-in, said Bob Hinkle, founder and executive chairman of Metrus Energy. “Efficient cooling is an immense investment opportunity for those in climate finance to prioritize and fund efficient and sustainable cooling projects. We are making this investment commitment to the Global Cooling Pledge to help accelerate climate action, curb energy consumption, and reduce harmful emissions. We have the technology, we have the financing tools, and we have the critical need. It’s time to get to work on this vital endeavor.”
Metrus seized the opportunity to participate in this commitment through its affiliation with the Cool Coalition—a comprehensive global network comprising governments, cities, international organizations, businesses, finance entities, academia, and civil society groups. This coalition shares a collective dedication to facilitating a swift global shift toward efficient and environmentally-friendly cooling practices.
About Metrus Energy
Since 2009, Metrus Energy has been leading the way to a sustainable, low-carbon future by bringing energy efficiency and clean energy projects to life and helping organizations decarbonize faster. Metrus’ pay-for-performance model, in which customers benefit from the energy solution without having to own the equipment, launched the Energy as a Service industry. Metrus provides a comprehensive, climate-positive financing solution that pays for all upfront and ongoing project costs, enabling upgrades to aging infrastructure, improving equipment resiliency, and lowering carbon emissions without the capital expense. Metrus is a signatory to the United Nations Principles for Responsible Investment, America Is All In, and the US Department of Energy’s Better Buildings Challenge and Better Climate Challenge.