its the colour that does it. the lighter the colour something is the less it converts light into heat.You mean just normal white paint ?
Isn't it supposed to have special function for reducing temperature ?
There is an experiment we did in physics at school where we put a 2 thermometers under 2 bits of paper, one white, the other black, and put it in sunlight. The temperature under the black paper was a lot hotter than under the white one. The white one reflects the light away.
The proportion of light reflected by a surface is called its albedo. Its important in meterology because clouds, ice and snow reflect more than green fields.