Friday, May 1, 2015
EOS CLIMATE WHITE PAPER ANALYZES CLIMATE IMPACTS OF HFC REFRIGERANTS : Recycling Can Easily Eliminate Billions of Tons of Greenhouse Gases
EOS CLIMATE WHITE PAPER ANALYZES CLIMATE IMPACTS OF HFC REFRIGERANTS
Recycling Can Easily Eliminate Billions of Tons of Greenhouse Gases
San Francisco, Calif. – April 28, 2015 – If 30% of hydrofluorocarbons (HFC) refrigerants are reclaimed for re-use by 2040, approximately 18 billion metric tons carbon dioxide (CO2) equivalent would be prevented from reaching the atmosphere over the next 25 years, according to a white paper released today by EOS Climate, a leader in harnessing the power of capital markets to address climate change. The white paper was released during the Navigating the American Carbon World conference, a leading forum for discussing climate policy and greenhouse gas markets, taking place April 28-30 in Los Angeles, California.
“Even with a global agreement to phase down production of HFCs and regulations that promote low-global warming potential (GWP) technology in new equipment, refrigerants already produced will continue to leak powerful greenhouse gases into the atmosphere over the next several decades,” said Jeff Cohen, co-founder of EOS Climate and white paper co-author. “With relatively small changes in practices and little if any additional cost, HFC refrigerants can be recovered, reclaimed and re-used, potentially avoiding emissions equivalent to billions of tons of CO2 between now and 2040—a critical window to address climate change.”
HFCs were developed as “ozone-friendly” substitutes for chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs) when those ozone-depleting chemicals were being phased out under the Montreal Protocol. Although they are safe for the stratospheric ozone layer, HFCs—like CFCs and HCFCs—are powerful greenhouse gases when released to the atmosphere. Pound for pound, HFCs have global warming potentials (GWPs) hundreds to thousands times higher than CO2 and are among the fastest-growing GHGs in the world. The U.S., with support from a number of countries, has proposed a gradual phasedown of HFC production, but any production phasedown would not address HFC refrigerants in use.
“If left unchecked, HFC refrigerants will continue on the path as the world’s fastest growing greenhouse gas. The simplest and most cost-effective way to address this problem is through recycling. However, until HFC refrigerants are tracked from production to reuse in the supply chain, and metrics are established that incentivize their re-use, the likelihood of voluntary recycling will remain low. Now is the time to act,” added Joe Madden, co-founder of EOS Climate and white paper co-author.
For a copy of “Recycling HFC Refrigerants Delivers Immediate, Cost-Effective Climate Protection” and to learn more about HFC recycling, please visit: www.eosclimate.com/climate-solutions/.
About EOS Climate
The $15 billion U.S. refrigerant market is leaking $1 billion of assets into the atmosphere each year. EOS Climate is committed to developing solutions that address refrigerant climate challenges and has brought together experts in refrigerants, supply chain management, environmental policy, operations, finance, technology, and environmental commodities to engineer climate solutions. The company has established methodologies, technologies, services, and proven business models that sustainably and economically address refrigerants throughout their lifecycle. For more information on EOS Climate, visit www.eosclimate.com.
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