Last week, Parties to the Montreal Protocol agreed to phase down the production and consumption of hydrofluorocarbons (HFCs), a group of chemicals used predominantly in air conditioning and refrigeration that are potent greenhouse gases. Building on the Montreal Protocol's reputation as the most successful multilateral environmental agreement, including the fact that it boasts universal ratification, this latest action has the potential to limit the rise in global temperatures by 0.5 Celsius by century's end, representing one of the most significant steps in the fight against climate change to date.
For more than 25 years, the Bank has supported implementation of the Montreal Protocol. Today, we the scope of our work has expanded to also tap into projects that increase the efficiency of cooling technology, decrease energy consumption, and do away with chemicals that are dangerous to the climate. Read the Feature Story, 'Staying Cool Without Heating Up,'to learn more about how the Bank Group will support the new Amendment by helping countries phase down HFCs and improve energy efficiency in air conditioning and refrigeration.