CO2 Solutions Commends Ontario Government Launch of Carbon Cap and Trade Program
Apr 05, 2017, 07:30 ET
Successful launch with all of 2017 vintage allowances being purchased
QUEBEC CITY, April 5, 2017 /CNW Telbec/ - CO2 Solutions Inc. (TSXV: CST), the leader in the field of enzyme-enabled carbon capture technology announced today that it commends the recent actions of the Government of Ontario to implement a cap and trade system in the province to reduce carbon dioxide (CO2) and other greenhouse gas (GHG) emissions responsible for climate change.
Ontario's cap and trade program is designed to help fight climate change and reward businesses that reduce their greenhouse gas emissions. The Ontario Ministry of the Environment and Climate Change (MOECC) held its first auction of greenhouse gas (GHG) allowances on March 22, 2017. The results of Ontario's first cap and trade auction point to a very successful first auction with all of 2017 vintage allowances being purchased.
"We are pleased to see Ontario provide evidence of its commitment in the area of climate change with the initiation of this first auction," stated Evan Price, Chief Executive Officer of CO2 Solutions. "The success of the auction is a strong indication that industry is a committed partner in the program, and is making carbon pricing a feature of its economic project analysis. This opens up opportunities for a company such as CO2 Solutions. Our technology promises a solution for industry to reduce emissions, at a price point below the longer term costs associated with emitting carbon. We strongly believe we are becoming a partner in both the national and the global discussion on reducing carbon emissions, and are well positioned to play an important role in helping businesses transition to a low carbon economy."
The full report, including information and results of the auction can be found at: https://files.ontario.ca/summary_results_report_english_2017-03-31.pdf and
Allowance auctions will take place on a quarterly basis. The first year of this compliance period (2017-2020) is Ontario only; Ontario intends to join California and Quebec for joint auctions and market activity in 2018. The next auction is scheduled for June 6, 2017.
In October 2016, the Government of Canada proposed its pan-Canadian approach to pricing carbon pollution. Under the new plan, all Canadian jurisdictions must have carbon pricing in place by 2018. The price on carbon set by the federal government will start at a minimum of $10 per tonne in 2018 and rise by $10 a year to reach $50 per tonne in 2022. Provinces and territories have the flexibility in deciding how they implement carbon pricing: they can put a direct price on carbon pollution or they can adopt a cap-and-trade system. Ontario's entry into the cap and trade process and the related auctions is the province's response to the federal initiative.
About CO2 Solutions Inc.
CO2 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Sequestration and Utilization (CCSU), positioning it as a viable CO2 mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO2 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient post-combustion capture of carbon dioxide with low‐energy aqueous solvents. Further information can be found at www.co2solutions.com.
CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solutions' future economic performance and reflect the current assumptions and expectations of management. Certain unknown factors may affect the events, economic performance and results of operation described herein. CO2 Solutions undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CO2 Solutions Inc.
For further information: Investor Relations and Media Contact: CO2 Solutions: Thom Skinner, 418-842-3456, ext. 223, [email protected], www.co2solutions.com; or NATIONAL Equicom: Marc Lakmaaker, 416-848-1397, [email protected]
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