The Chemours Company expressed disappointment with a U.S. Court of Appeals decision that ruled against the Environmental Protection Agency overstepped its authority in phasing out types of refrigerants for vehicles.
The ruling could affect sales of a leading product of the company that was spun off from DuPont in 2015.
According to a statement from the Wilmington company, “Chemours believes EPA properly used its existing authority under the Clean Air Act and followed the required process to compare the impact of alternatives on human health and the environment before changing the status of high global warming potential (GWP) alternatives to unacceptable.”
Chemours noted that “more than 50 percent of the market has transitioned to HFO-1234yf, and we expect this transition to continue so that automakers can take advantage of the credits. Chemours supports the continued reduction of greenhouse gas emissions and the global frame-work of climate change regulations and incentives already in place. This includes the European Union MAC Directive and F-Gas Regulations, and US CO2 Greenhouse Gas carbon credits for US automakers which will continue to drive the need for low-GWP products.”
Chemours stated that is currently reviewing the court’s ruling and assessing its options which could include an appeal.
Shares of Chemours were down about two percent, well above the less than one percent decline in the Dow Jones index.