PEARL RIVER, NY – October 17, 2016 – Hudson Technologies, Inc. (NASDAQ: HDSN), a leading provider of innovative solutions to recurring problems within the refrigeration industry, praised the agreement reached by nearly 200 countries on Friday, October 14, 2016, on an amendment to the Montreal Protocol to phase down hydrofluorocarbon (HFC) compounds by 85% between now and 2047. The agreement was reached at the culmination of the Annual Meeting of the Parties of the Montreal Protocol, held last week in Kigali, Rwanda. The amendment establishes three timetables for all developed and developing countries to freeze and then reduce production and use of HFCs, with the first reductions by developed countries starting in 2019.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, “The agreement reached by the parties to the Montreal Protocol is an historic environmental development that enjoys widespread support from the industry. The Alliance for Responsible Atmospheric Policy, the leading voice of manufacturers, businesses and trade associations in the fluorochemical industry, calls this agreement a ‘major policy step forward in the global effort to reduce greenhouse gas emissions’. Hudson, a longtime and active member of the Alliance, applauds the efforts of the Administration, foreign governments and industry who supported the adoption of the HFC amendment.”
Mr. Zugibe further stated, “Since our inception, Hudson has been an advocate for the orderly phase out of refrigerants with a high global warming potential, and we believe a strong refrigerant reclamation program is essential to facilitate and accelerate the phase down of HFCs. As a leading provider of reclaimed refrigerants with significant geographic reach, established infrastructure and growth capacity, we believe that Hudson can continue to play a key role in the orderly and global phase out of these harmful gases and support the development of efficient, next generation, climate and ozone friendly technologies and refrigerants.”