Eliminating Inventory Of Certain Ozone-depleting Materials,
Selling Resulting Emission Reduction Credits.
Honeywell Eliminating Inventory Of Certain Ozone-depleting
Materials, Selling Resulting Emission Reduction Credits.
Partnering with MGM Innova to sell resulting greenhouse gas
credits for California’s cap-and-trade program; sale of credits
to offset costs of destroying refrigerants.
Honeywell (NYSE: HON) announced today
that it has begun destroying inventories of certain ozone-depleting
refrigerants and selling the resulting emission reduction credits
for use in California’s greenhouse gas cap-and-trade program.
The company has already destroyed more than 27,000 pounds of CFC-11,
a chlorofluorocarbon refrigerant with one of the highest
ozone-depleting potentials. It plans to destroy its remaining
inventory of ozone-depleting CFC-11, CFC-12 and R-500 refrigerants
this year. Honeywell’s destruction of these CFCs is equivalent to
eliminating over 125,000 metric tons of carbon dioxide emissions, or
more than 22,000 passenger vehicles from the road for a year.
“Honeywell chose to destroy this inventory, rather than sell the
refrigerants for use by others, as part of its commitment to
environmental leadership,” said Jeffrey Ballew, strategic marketing
director for Honeywell Fluorine Products. “Honeywell has been at the
forefront in developing today’s non-ozone-depleting refrigerants and
next-generation low-global-warming-potential refrigerants.”
The refrigerants were destroyed following protocols developed by the
Climate Action Reserve, a national offsets program that sets
standards for greenhouse gas emissions reduction projects. Honeywell
expects to generate more than 125,000 Climate Reserve Tonnes (CRTs),
which are credits it can sell to third parties who need credits for
California’s greenhouse gas cap-and-trade program. The sale of
credits will offset the cost of destroying the refrigerants.
Honeywell partnered with MGM Innova Consulting, which provides
companies with low carbon solutions and services, to ensure the
materials were destroyed in compliance with the Climate Action
Reserve’s U.S. ODS Project Protocol. The results were verified by
TUV-SUD, a third-party auditing firm.
“MGM Innova is proud to support Honeywell for this project as it
demonstrates leadership in this emerging area,” said Marco G. Monroy,
CEO of MGM Innova.
The Climate Action Reserve establishes regulatory-quality standards
for the development, quantification and verification of greenhouse
gas (GHG) emissions reduction projects in North America. It issues
CRT credits generated from such projects and tracks the transaction
of credits over time in a transparent, publicly-accessible system.
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cap-and-trade program was established by the California Air
Resources Board under California’s Global Warming Solutions Act.
Under the plan, emissions from the state’s largest industrial
facilities will be capped in 2013 and then gradually decreased
over eight years as part of an effort to reduce greenhouse gas
emissions and encourage energy efficiency and renewable energy.
Under California’s program, certain companies are granted
allowances for each metric ton of greenhouse gas they emit. They
can trade unused allowances or purchase eligible emission
reduction credits as needed to stay under the cap.
Honeywell Performance Materials and Technologies is a global
leader in developing and manufacturing advanced materials and
process technologies. These materials and technologies are used
by people every day in a wide range of industries and
applications, from petroleum refining to environmentally
friendlier refrigerants to bullet-resistant vests. Our advanced
materials are critical in the manufacture of products ranging
from nylon to computer chips to pharmaceutical packaging.
Process technologies developed by our UOP business form the
foundation for most of the world’s refiners, efficiently
producing gasoline, diesel, jet fuel and petrochemicals. UOP is
now pioneering technology to produce real fuels from renewable
Honeywell (www.honeywell.com) is a Fortune 100 diversified
technology and manufacturing leader, serving customers worldwide
with aerospace products and services; control technologies for
buildings, homes and industry; turbochargers; and specialty
materials. Based in Morris Township, N.J., Honeywell’s shares
are traded on the New York, London, and Chicago Stock Exchanges.
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