Leading AC Manufacturer Gree Named ‘2021 Global Cooling Prize’ Grand Winner
Gree Electric Appliances, Inc. of Zhuhai (Gree) (000651.SZ), a world-leading air conditioner and home appliances manufacturer, was named as the grand winner of the 2021 Global Cooling Prize for its innovative “Zero Carbon Source” cooling technology.
“Gree is a diversified technological global industrial group that has expanded its business to household consumer goods and industrial equipment and it insists on continuous innovation and R&D to improve people’s lives. The climate-friendly air conditioning technology awarded the Grand Winner at the Global Cooling Prize will reduce the carbon emission impact of existing air conditioners by 80 percent,” said Ms. Dong Mingzhu, Chairperson and President of Gree Electric Appliances.
The Global Cooling Prize was jointly launched in 2018 by Rocky Mountain Institute, Government of India and Mission Innovation, which is committed to developing breakthrough innovative cooling technologies that have five times (5X) less climate impact than standard air conditioning units available on the market today (including indirect carbon emissions generated by grid electricity and direct carbon emissions corresponding to the greenhouse effect of refrigerants), so as to solve the threat to climate caused by the ever-increasing demands for residential air conditioners .
Gree’s innovative “Zero Carbon Source” cooling technology integrates advanced vapor compression refrigeration, photovoltaic direct-driven, evaporative cooling, ventilation and more, which efficiently utilizes renewable energy sources and free cooling sources.
The climate impact of Gree’s new design with “Zero Carbon Source” cooling technology is less than one fifth of conventional air conditioners. Through innovation and intelligent design, Gree’s climate-friendly technology is a major breakthrough in the energy efficiency limitations of conventional air conditioners.
With rapidly growing populations and accelerated urbanization, it is estimated that by 2050, global demand for room air conditioners will increase from 1.2 billion units in 2016 to 4.5 billion units. When climate-friendly cooling solutions are effectively promoted and applied, 100 billion tons of carbon dioxide equivalent emissions can be avoided, helping the world to mitigate over 0.5°C of global warming by 2100 while improving the quality of life for people living in hot and humid climates.