This is what I found on FASTCOMPANY.COM:

As incomes rise in cities in India, China, and other quickly growing economies, people tend to make three major purchases first: a TV, a refrigerator, and an air conditioner. The number of AC units may swell from 1.2 billion worldwide today to 4.5 billion by 2050–and household air conditioning, alone, could push global warming up half a degree by the end of the century, according to a new report.

The new competition is designed to provide an incentive to create higher-efficiency air conditioners and support startups in a field that’s currently dominated by a handful of major corporations. To participate, companies need to submit a solution that has five times less climate impact than a standard air conditioner, at no more than twice the cost, so it has a payback period of less than four years.
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