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Trading symbol: CST
Outstanding shares: 50,261,136
QUEBEC CITY, Nov. 20 /PRNewswire-FirstCall/ - CO2 Solution Inc. ("CO2 Solution" or the "Company") announced today that it applauds United States President-elect Barack Obama's affirmation of his plans to reduce greenhouse gas (GHG) emissions made during an address Tuesday to the Governors Global Climate Summit in Los Angeles, California. CO2 Solution believes that its breakthrough, biomimetic carbon dioxide capture ('clean coal') technology is positioned as an important solution to help meet the GHG reduction goals planned by the new Obama administration.
In the address, President-elect Obama reaffirmed his commitment to implement mandatory U.S. economy-wide GHG reductions and promised that his administration would mark a "new chapter in American leadership on climate change."
"Few challenges facing America - and the world - are more urgent than combating climate change. The science is beyond dispute and the facts are clear...Climate change and our dependence on foreign oil, if left unaddressed, will continue to weaken our economy and threaten our national security", remarked Mr. Obama.
Mr. Obama also confirmed his specific policy goals during the speech. "We will establish strong annual targets that set us on a course to reduce emissions to their 1990 levels by 2020 and reduce them an additional 80% by 2050. Further, we will invest $15 billion each year to catalyze private sector efforts to build a clean energy future...And we will develop clean coal technologies", Mr. Obama further stated.
As reiterated in his address yesterday, President-elect Obama has indicated strong support for carbon capture and storage (CCS) technologies as a key method of mitigating climate change while increasing domestic energy security. On August 4, 2008, Mr. Obama stated "We'll invest in technology that will allow us to use more coal, America's most abundant energy source, with the goal of creating five first-of-a-kind coal-fired demonstration plants with carbon capture and sequestration."
CO2 Solution has developed a proprietary enzyme based technology for carbon dioxide capture from power plants and other large sources of emissions which acts as an enabling technology to increase the efficiency of conventional CO2 capture approaches. The Company believes the technology offers an approach to significantly reducing the cost of proven, but capital and energy intensive solvent based capture systems utilizing a packed column method already employed in industry. In this way, CO2 Solution believes that its technology provides an efficient method for large emitters to meet the requirements of climate change legislation in a cost effective manner.
"There are many global stakeholders that recognize the importance of the United States reducing its emissions as part of a global effort to solve this pressing challenge. We believe that by confirming his position on GHG reductions in light of the current economic circumstances, President-elect Obama has shown true leadership in the need to act on climate change as a larger threat to the world community and its future prosperity and security." said Glenn Kelly, President & CEO.
Mr. Kelly also stated, "Our technology is positioned as a solution by which U.S. and international GHG emissions from the largest culprits - power generation and other large industrial sources - can be cost effectively managed, while allowing the continued use of coal as a secure domestic energy resource".
President-elect Obama's full address can be viewed at:
http://www.change.gov/newsroom/entry/president_elect_obama_promises_new_chapter_on_climate_change/
About CO2 Solution
CO2 Solution Inc. has developed a proprietary bio-technological platform for the efficient capture of carbon dioxide (CO2), the most important greenhouse gas (GHG), from power plants and other large stationary sources of emissions. The Company's technology platform exploits the natural power of a bio-catalyst (enzyme), carbonic anhydrase, which functions within humans and other mammals to manage CO2 during respiration. CO2 Solution has successfully adapted the enzyme to function within an industrial environment, and thus has taken advantage of a biomimetic approach to CO2 capture based on millions of years of evolution. The Company is commercializing its technology for coal fired power generation, the oil sands and other CO2- intensive industries where a low-cost capture solution is key to meeting climate change legislation in a cost effective manner. News releases and additional information are available at www.co2solution.com
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information contained herein and accepts no responsibility for it.
SOURCE CO2 SOLUTION INC.
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