From the following context:
Taruhi: We couldn’t open the window.
Miharu: We don’t need to open the window. Do we?
Taruhi: Yes. I completely agree with your opinion. (Because) it’s terribly cold (outside).
Mihashi: Both of us are seated in the window-side. It’s so cold over there.
I take the part in question - for “(because) it’s terribly cold outside, (and we’ll be frozen with flow-in of cold air, if we open window.”
“” apparently refers to the present status, and not the situation that can be supposed to happen after opening the window.