Company is well positioned to capitalize on convergence of the costs of emitting and capturing carbon
QUEBEC CITY, June 25, 2015 /CNW/ - CO2 Solutions Inc. (TSX-V: CST), applauds the announcement by the Government of Alberta Environment updating their initiatives to reduce CO2 and other greenhouse gas emissions. See the full press release from the ministry here: http://bit.ly/1CwjbCF
Environment Minister Shannon Phillips announced Thursday the existing $15 per tonne levy on carbon will increase to $20 per tonne next year and $30 per tonne in 2017. Under the updated rules, any facility that emits 100,000 tonnes or more of greenhouse gases a year must reduce their emissions intensity. Current legislation, introduced by the previous government, requires emissions to be reduced by 12 per cent. Effective January 1, 2016, the new Alberta government has raised the reduction targets to 15% with an additional increase to 20% as of January 1, 2017.
"We welcome these new initiatives by the Alberta Government to reduce GHG emissions," stated Evan Price, President and CEO of CO2 Solutions. "As a company, CO2 Solutions is very well positioned to capitalize on this ongoing convergence of the costs associated with emitting and capturing carbon. We believe that the reduced cost of CO2 Solutions carbon capture technology and the synergies we anticipate generating through our recently announced technical collaboration with GasTran can contribute to reducing the cost of capture towards or below the 2017 Alberta carbon levy."
The Alberta government believes the reduction in greenhouse gas emissions will increase from an anticipated eight megatonnes per annum under current legislation, to 13 megatonnes per annum under the updated rules. The Company believes these increased targets reflect a considerable market opportunity for companies able to help industry in the province reduce their GHG emissions.
Mr. Price concluded, "The relative immediacy of the new legislation, we believe, will create momentum towards the adoption of technologies by industry to help them reduce both the financial impact and the reputation damage related to being carbon emitters. We believe carbon capture has an important role to play in this, and as the undisputed technology and cost leader in this field, we are excited to pursue this opportunity."
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 lowenergy 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]