Company's technology meets need for viable solutions to support government initiative to take practical action to tackle climate change and grow the economy
QUEBEC CITY, QC, Oct. 6, 2016 /CNW/ - CO2 Solutions Inc. (CO2 Solutions or "the Corporation") (TSX-V: CST), the leader in the field of enzyme-enabled carbon capture technology, today responded to the ratification by the Canadian Parliament of the Paris Agreement. Consequently, Canada has now officially committed to take the actions required to meet or exceed its Paris commitment to achieve a reduction in greenhouse-gas emissions by 30 per cent from 2005 levels by 2030.
"We are pleased our representatives have elected to formalize the country's commitment to fighting climate change, one of the biggest challenges we will have to meet, not just as a nation, but globally." stated Evan Price, President and CEO of CO2 Solutions. "We look forward to playing an important role in this respect. What is important, considering the government's requirement for the provinces to implement a carbon price increasing to $50 per tonne in 2022, is that industry identifies the measures that will allow it to meet new regulations, while remaining competitive."
"We believe that for behavioural change to occur in industrial CO2 emissions you need two important elements; 1) a credible carbon pricing mechanism, which we now have with the recent Federal announcement to initiate a minimum price for carbon and previous Provincial undertakings, and 2) a cost effective CO2 capture solution, such as the proven one provided by CO2 Solutions that will capture CO2 emissions at a cost of less than $30 per tonne at large scale, thus keeping industry competitive. These two elements being in place undoubtedly lead to behaviour change. What is more, there are numerous reuse opportunities for CO2 that will further decrease the net cost of carbon capture and lead to increased economic opportunities. Our first commercial project is a good example of this, as we will be capturing CO2 from a pulp and paper mill and leading it into a greenhouse for increased plant productivity. This reduces carbon emissions, while making a positive contribution to the greenhouse's efficiency and productivity."
Mr. Price concluded, "Our governments and industries realize that it is time to act on climate change, and we believe CO2 Solutions can play an important role in helping major CO2 emitters transition from emitting CO2 as detrimental waste to reusing this resource beneficially."
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.
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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 TMX Equicom: Marc Lakmaaker, 416-815-0700, ext. 248, [email protected]