Written by: Neal Martin and David J. Leiter
Major developing countries, including China, rejected a proposal to steadily reduce the consumption and production of hydrofluorocarbons last week during the 25th Meeting of Parties to the Montreal Protocol on Substances that Deplete the Ozone Layer. The proposal, which was advanced by the U.S., Mexico, and Canada, called for an 85% reduction in the production and consumption of 21 types of HFCs over the next 20 years. China, along with India, argued that the Protocol is not the appropriate vehicle for addressing the HFC issue and that it should instead be addressed during U.N. climate change negotiations. For more information regarding political and business developments in China, please see ML Strategies' China Update.