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U.S. Senate votes to amend global treaty to curb climate-warming gas

By Valerie Volcovici and Moira Warburton WASHINGTON (Reuters) -The U.S. Senate on Wednesday voted 69-27 to ratify an amendment to the Montreal Protocol that would cut the use of...
U.S. Senate votes to amend global treaty to curb climate-warming gas © Reuters. FILE PHOTO: People wearing masks for protection against the coronavirus disease (COVID-19) walk past the U.S. Capitol in Washington, U.S., September 4, 2022. REUTERS/Elizabeth Frantz

By Valerie Volcovici and Moira Warburton

WASHINGTON (Reuters) -The U.S. Senate on Wednesday voted 69-27 to ratify an amendment to the Montreal Protocol that would cut the use of hydrofluorocarbons (HFCs), a major greenhouse gas, in a key step towards combating climate change.

The so-called Kigali amendment calls for the phase-down of HFCs, gases used in heating, ventilation, air conditioning and refrigeration (HVACR) that are significantly more potent than carbon dioxide in contributing to global warming.

"This is a win-win in our fight against climate change and will go a long way to battle rising global temperatures while also creating tens of thousands of good paying American jobs," Senate Majority Leader Chuck Schumer said on Wednesday.

He said the Kigali ratification and passage of the climate-focused Inflation Reduction Act last month make up the "strongest one-two punch" that Congress has taken to combat climate change.

Senior administration officials have told Reuters that worldwide implementation of the amendment could prevent as much as a half degree Celsius (0.9 F) in warming by the end of the century.

John Kerry, special envoy on climate change and former secretary of state who helped negotiate the treaty amendment in Kigali in Rwanda in 2016, called the ratification a "profound victory ​for the climate and the American economy."

The amendment icludes specific targets and timetables to replace HFCs with climate-friendly alternatives and restricts countries that have ratified the Montreal protocol and its amendments from trading in controlled substances with states that haven't ratified.

HVACR manufacturers, who had supported ratification of the amendment since Congress voted in 2020 to phase out HFCs domestically, said ratification will create jobs and keep the sector competitive globally.

"It counts for the global competitive advantage it creates; it counts with the additional exports that will result and it counts for U.S. technology preeminence," said Stephen Yurek, president of trade association the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).

Durwood Zaelke, president of the Institute for Governance and Sustainable Development that has worked on phasing out HFCs, said the amendment can provide an example for other more contentious global climate negotiations.

"When you line up business goals with environmental goals, you can get bipartisan support at home and North-South support globally for stronger multilateralism," he said.

The world's leading producers of substitutes for HFCs are in Louisiana, New Jersey, Texas, and elsewhere in the United States. The world's fastest growing markets for refrigerators and air conditioners are overseas.

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01-10-2023 16:14:46 (UTC+7)

EUR/USD

1.0572

+0.0013 (+0.12%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.0572

+0.0013 (+0.12%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.2201

+0.0004 (+0.03%)

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↑ Sell

Moving Avg:

Buy (3)

Sell (9)

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Sell (6)

USD/JPY

149.38

+0.10 (+0.06%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (4)

AUD/USD

0.6438

+0.0015 (+0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

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USD/CAD

1.3575

+0.0089 (+0.66%)

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EUR/JPY

157.92

+0.17 (+0.11%)

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EUR/CHF

0.9677

+0.0010 (+0.10%)

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Gold Futures

1,864.60

-14.00 (-0.75%)

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Silver Futures

22.390

-0.351 (-1.54%)

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Neutral

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Copper Futures

3.7340

+0.0260 (+0.70%)

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Crude Oil WTI Futures

90.77

-0.94 (-1.02%)

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Brent Oil Futures

92.09

-1.01 (-1.08%)

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2.930

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US Coffee C Futures

145.23

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Euro Stoxx 50

4,173.35

+11.79 (+0.28%)

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S&P 500

4,288.05

-11.65 (-0.27%)

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DAX

15,386.58

+63.08 (+0.41%)

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FTSE 100

7,608.08

+6.23 (+0.08%)

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Hang Seng

17,822.00

+471.00 (+2.71%)

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Buy

Moving Avg:

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US Small Cap 2000

1,785.10

-9.21 (-0.51%)

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Moving Avg:

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Sell (11)

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IBEX 35

9,428.00

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Sell (12)

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Sell (10)

BASF SE NA O.N.

42.950

+0.305 (+0.72%)

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↑ Sell

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Bayer AG NA

45.45

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Allianz SE VNA O.N.

225.70

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Sell

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Adidas AG

166.62

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Deutsche Lufthansa AG

7.506

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Neutral

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Siemens AG Class N

135.66

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10.450

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Summary

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 EUR/USD1.0572↑ Sell
 GBP/USD1.2201↑ Sell
 USD/JPY149.38Neutral
 AUD/USD0.6438↑ Buy
 USD/CAD1.3575↑ Buy
 EUR/JPY157.92↑ Sell
 EUR/CHF0.9677Neutral
 Gold1,864.60↑ Sell
 Silver22.390Neutral
 Copper3.7340↑ Buy
 Crude Oil WTI90.77↑ Sell
 Brent Oil92.09↑ Sell
 Natural Gas2.930↑ Sell
 US Coffee C145.23↑ Sell
 Euro Stoxx 504,173.35↑ Sell
 S&P 5004,288.05↑ Sell
 DAX15,386.58↑ Sell
 FTSE 1007,608.08↑ Sell
 Hang Seng17,822.00Buy
 Small Cap 20001,785.10↑ Sell
 IBEX 359,428.00↑ Sell
 BASF42.950↑ Sell
 Bayer45.45↑ Sell
 Allianz225.70Sell
 Adidas166.62↑ Sell
 Lufthansa7.506Neutral
 Siemens AG135.66↑ Sell
 Deutsche Bank AG10.450↑ Sell
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Cập nhật 01-10-2023 16:14:49
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RON 95-V26.27026.790
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.090,0024.460,00
EUR25.089,2726.466,85
GBP28.963,5430.196,84
JPY158,64167,93
KRW15,6319,04
Cập nhật lúc 16:09:55 01/10/2023
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