The aspirations and requirements of humans are ever growing, along with technological advancements. Simultaneously, there is the primary concern of the actions of humankind on the environment and the impact of climate change. To address these demands of humankind while balancing the impact on the environment, advancements and innovations are of paramount necessity in the field of Refrigeration and Air Conditioning (RAC). The applications of RAC go well beyond the requirements of human comfort. It addresses the essential functioning of underground tunnels to the far reaches of space stations and everything in between. The innovations in the field of cold chain industry have empowered the nations’ food security. Because of its impact in everyday life, the energy demand of this field is also high. It accounts for nearly 20% of global energy consumption. In buildings, 65% of the energy demand is towards meeting the HVAC&R requirements. There are multiple international protocols and treaties in place, to address this growing need while balancing it against the environmental impact. Though the terms of the Montreal protocol have been nearly addressed, thereby saving the ozone layer, the terms of the Kyoto protocol dealing with emissions of greenhouse gases and global warming are yet to be addressed fully. There is a dire need for innovations in the form of environmentally friendly alternate systems and refrigerants, along with improvement in terms of energy efficiency of RAC systems, so that the global rise in temperature can be arrested within 2°C, as per the terms of the Paris Agreement.