BOOTES and CargoPeople unveil net-zero cold storage initiative
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May 2, 2024
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BOOTES, India’s Net-Zero company, and CargoPeople, a prominent multimodal logistics firm, have joined forces to introduce the net-zero cold storage initiative, an endeavour aimed at addressing the country’s pressing food waste challenge.
The primary objective of this joint venture is to combat food wastage in India through net-zero cold storage solutions while simultaneously addressing the nation’s escalating energy demands with renewable energy alternatives, steering away from reliance on fossil fuels. The overarching vision is to ensure that no child in India goes hungry.
In collaboration with URBS (Urban Systems urbs AB), BOOTES Cold Chain is leveraging their expertise in sustainable technologies and finance to navigate the complexities of the Indian cold storage sector. They envision this initiative as a lucrative opportunity to attract green financing for the development of new cold storage facilities, aiming to realise US$ 1 billion in net-zero cold storage projects over the next five years.
With the goal of revolutionising India’s cold storage landscape, the joint venture will benefit from BOOTES Cold Chain’s proficiency in net-zero technology and infrastructure, combined with CargoPeople’s expertise in supply chain management.
Net-zero cold storage has the potential to significantly reduce food wastage from 40 per cent to just 5 per cent over the next decade, boasting 50 per cent higher efficiency compared to traditional cold storage systems. This innovation can substantially prolong the shelf life of perishable goods, while concurrently reducing electricity consumption costs by 60 per cent and offsetting 80 per cent of carbon emissions, thereby aligning with India’s net-zero objectives.
Deepak Rai, Founder and MD at BOOTES, underscores the urgency of the situation, emphasising the projected rise in temperatures, escalating energy consumption, and the alarming prospect of extensive crop wastage in India. He stresses the importance of affordable cold storage solutions, highlighting the alignment of their cold storage model with the government’s net-zero 2070 objectives, with hopes for a positive impact on India’s children and farmers.
Manuj Adlakha, Founder and CEO of CargoPeople, acknowledges the unique challenges faced by India’s cold chain sector, including power outages and operational costs. However, he also recognises the immense potential for growth, citing projections of the Indian cold chain market reaching Rs 3,79,870 crore by 2028. Adlakha emphasises the collaborative effort to leverage their combined expertise, resources, and commitment to effecting positive change in the industry.