🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Biden administration takes aim at climate warming gas

Published 09/23/2021, 05:20 AM
Updated 09/23/2021, 05:56 AM
© Reuters. FILE PHOTO: Climate activists dressed as penguins sit on refrigerators during a protest outside the European Commission headquarters in Brussels, March 12, 2009. Environmental organisations are urging Europe not to weaken the EU's energy efficiency goals

By Valerie Volcovici

WASHINGTON (Reuters) - The U.S. Environmental Protection Agency on Thursday finalized a rule that will slash the use of a potent climate-warming gas commonly used in refrigerators and air conditioners by 85% over the next 15 years, a move that will help halve greenhouse gas emissions this decade.

The rule aims to phase out the use of hydrofluorocarbons (HFCs) by 85% in a range of common appliances and carries out legislation passed with bipartisan support in Congress last year. It would make the U.S. compliant with the Kigali amendment to the Montreal Protocol, a global treaty to reduce HFCs that the U.S. has not yet ratified.

"It really sends a signal to the rest of the world that we are all in on climate change," National Climate Advisor Gina McCarthy told reporters on Tuesday evening.

The rule comes with under six weeks to go before the pivotal UN climate summit in Glasgow. President Joe Biden is rolling out several climate measures through executive actions, while other key climate proposals are dependent on Congress passing budget and infrastructure bills.

McCarthy said she does not know when Biden will send the amendment to the Senate for ratification.

The EPA said the rule is one of the most "consequential" in terms of its climate impact. Along with additional interagency measures, it can reduce 4.5 billion metric tons of carbon dioxide-equivalent by 2050 — equal to nearly three years of U.S. power sector emissions at 2019 levels, according to a White House fact sheet.

© Reuters. FILE PHOTO: Climate activists dressed as penguins sit on refrigerators during a protest outside the European Commission headquarters in Brussels, March 12, 2009. Environmental organisations are urging Europe not to weaken the EU's energy efficiency goals relating to 'green' standards for household goods as EU member states vote on green products this month.  REUTERS/Francois Lenoir

The EPA rule creates an allowance allocation and trading system to reduce HFCs and is reviewing over a dozen petitions to restrict HFC use in other applications.

The EPA and White House also announced on Thursday that the administration will take an interagency approach to prevent the illegal trade, production, use, and sale of HFCs and prepare for enforcement actions to punish violations of the law.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.