Release date- 03072015 - MORRIS TOWNSHIP, N.J. - Honeywell (NYSE: HON) announced its support of the U.S. Environmental Protection Agency decision to restrict the use of high-global-warming hydrofluorocarbons in a variety of applications including refrigerants, aerosols and foam insulation blowing agents.
These actions will drive adoption of materials with radically lower global warming potentials.
According to the EPA, the proposed rule would eliminate an estimated 54 to 64 million metric tons of carbon dioxide equivalent from the atmosphere in 2025. This is the equivalent of removing the carbon dioxide emissions from the annual electricity use of more than 5.8 million homes.
'Honeywell applauds the EPA on their landmark action to restrict the use of high-global-warming hydrofluorocarbons (HFCs), which are among the most potent greenhouse gases in use today. The EPA's action will accelerate the adoption of solutions with far less impact on the atmosphere while also spurring private sector innovation and creating jobs,' said Ken Gayer, vice president and general manager of Honeywell's Fluorine Products business.
The EPA's actions have spurred companies like Honeywell to develop solutions to address the issue of climate change. Honeywell and its suppliers have announced nearly $900 million in investments in research and development and new capacity, mainly in the U.S., to produce next-generation refrigerants, insulation materials, aerosols and solvents, which have global warming potentials equal to or better than carbon dioxide and at least 99 percent lower than most technologies used today. Honeywell has invested more than $400 million to date to support the new products.
Honeywell pioneered the technology behind hydrofluoro-olefins (HFOs), which provide the energy-efficiency, efficacy and non-ozone-depleting benefits of HFCs, but offer a minimal global warming profile. Honeywell's Solstice line of HFOs include Solstice yf for automobile air conditioning, Solstice zd refrigerant, Solstice Propellant for aerosol applications, Solstice Liquid and Gas Blowing Agents for foam applications, and Solstice Performance Fluid for use as an industrial solvent. Each of these products has been approved under the EPA's Significant New Alternatives Policy (SNAP) program.
Nearly 50 percent of Honeywell's portfolio is dedicated to energy-efficient products and services. In addition to developing and producing low-global-warming materials, Honeywell manufactures programmable thermostats and energy management systems, turbochargers, green fuels, industrial controls and lighter aircraft components.
Honeywell Performance Materials and Technologies (PMT) is a global leader in developing advanced materials, process technologies and automation solutions. PMT's Advanced Materials businesses manufacture a wide variety of high-performance products, including environmentally friendlier refrigerants and materials used to manufacture end products such as bullet-resistant armor, nylon, computer chips and pharmaceutical packaging.
Process technologies developed by PMT's UOP business (www.uop.com) form the foundation for most of the world's refiners, efficiently producing gasoline, diesel, jet fuel, petrochemicals and renewable fuels. PMT's Process Solutions business (www.honeywellprocess.com) is a pioneer in automation control, instrumentation and services for the oil and gas, refining, pulp and paper, industrial power generation, chemicals and petrochemicals, biofuels, life sciences, and metals, minerals and mining industries.
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 performance 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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Robert C. Ferris
Tel: (973) 455-3388