CO2 Solution Commends Australian Government Announcement to Put Price on Carbon Pollution
CO(2) Solution’s Technology, Patented in Australia, is Positioned to Help
Australian Industries Meet New Emission Reduction Targets
Outstanding shares: 60,286,136
QUEBEC CITY, July 12, 2011 /PRNewswire/ – CO(2) Solution Inc. announced today that it commends the announcement made
yesterday by the Prime Minister of Australia to impose a price on
carbon dioxide (CO(2)) pollution and implement a carbon trading system. CO(2) Solution believes its breakthrough carbon dioxide capture technology,
which is patented in Australia, is positioned as an important solution
to help the region meet the proposed emissions reductions.
In the joint announcement made on July 11, 2011 by Australian Prime
Minister, Julia Gillard, and Deputy Prime Minister and Treasurer,
Minister for Climate Change and Energy Efficiency, Greg Combet, the
Government of Australia established a $23 AUD price for each tonne of
carbon pollution emitted beginning July 1, 2012. The price will rise
by 2.5% a year during a three year period until July 1, 2015. The
carbon price mechanism will then transition to an emissions trading
scheme where the price will be determined by the market. In her
announcement, Prime Minister Gillard said the carbon price was a
central element of the Government’s plan to move Australia to a clean
energy future. In a statement to The Associated Press following the
announcement, Prime Minister Gillard said, “We generate more carbon per
head than any other country in the developed world. We’ve got a lot of
work to do to hold our place in the race that the world is running”.
The full release from the Australian Prime Minister can be viewed at: http://www.pm.gov.au/press-office/putting-price-carbon-pollution.
“Here is another example of a Government taking a leadership role on
this important environmental issue. This announcement from Australia is
on the back of the Quebec announcement last week and the recent U.S.
EPA pronouncements on carbon regulation, and points to increased
momentum on the issue globally.” stated Glenn Kelly, President & CEO of
CO(2) Solution Inc. “Regulation of carbon dioxide pollution is moving from
speculation to fact, and with our patented technology we look forward
to supporting worldwide efforts by industry to efficiently meet
regulatory requirements for emissions reductions.”
CO(2) Solution has developed a patented enzyme-based technology for the
cost-effective capture of CO(2) emissions from large industrial sources, including power plants,
aluminum refineries, cement plants and oil and gas operations. On May
26, 2011, CO(2) Solution announced the receipt of Australian patent # 2006217575 AN IMPROVED CO(2) ABSORPTION SOLUTION, which provides for exclusivity in the field of using carbonic
anhydrase for the capture of carbon dioxide with low energy amine
solvents. This patent is part of CO(2) Solution’s portfolio of 23 issued and 25 pending patents covering its
technology in key geographic markets.
According to the International Energy Agency’s Greenhouse Gas Program,
power plants and other large stationary industrial sources worldwide
generated aggregate annual carbon dioxide emissions of more than 14
billion tons, representing half of all global emissions of carbon
pollution from all sources. CO(2) Solution’s patented technology provides a cost effective answer for the
capture and treatment of these harmful emissions.
About CO(2) Solution
CO(2) Solution is an innovator in the field of enzyme-enabled carbon capture
and has been actively working to develop and commercialize the
technology for power plants and other large stationary sources of
carbon pollution. In the process, CO(2) Solution 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.co2solution.com.
CO(2) Solution Forward-looking Statements
Certain statements in this news release may be forward-looking. These
statements relate to future events or CO(2) Solution’s 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. CO(2) Solution 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
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 SOLUTION INC.