Fort Myers, Florida (August 3, 2015) – At a White House ceremony, President Obama announced his revised CO2 rule for electric power plant emissions. The President’s revised Clean Power Plan rule acknowledges for the first time the value of carbon utilization, the cornerstone of Algenol’s Direct to Ethanol technology, as a method for utilities to reduce emissions from electricity production and comply with the Clean Air Act requirements for CO2 emissions.
“I want to acknowledge President Obama’s leadership to clean up power plant emissions of CO2 pollution from electricity production by issuing this rule,” commented Paul Woods, founder and CEO of Algenol. “Our carbon utilization technology turns the economic and environmental liability of carbon pollution into low carbon fuels and revenue for ratepayers. It reduces the costs of emissions and improves our environment, creating a win-win for utilities and ratepayers,” Woods added.
The new recommendation just announced by the White House offers power plants an easier, more cost effective way to comply with President Obama’s Clean Power Plan. The EPA has now added utilization as a method states and utilities will be able to deployfor effectively cutting carbon emission from electric power production.
The Clean Power Plan sets federal guidelines for states to follow in order to cut carbon emissions by 32 percent before 2030. Today’s Clean Power Plan rule announcement says, “state plans may allow affected EGUs to use qualifying CCU (carbon capture utilization) technologies to reduce CO2 emissions that are subject to an emission standard…” The rule further notes, “state plans may allow affected EGU’s to use qualifying CCU technologies to reduce CO2 emission,” and “emission goals would require a better understanding of the ultimate fate of the captured CO2 and the degree to which the method permanently isolates the captured CO2 or displaces other CO2 emission from the atmosphere.”
Algenol’s technology is the leading qualified and patented solution to utilize power plant emissions to produce renewable fuels. In 2015, the EPA issued Algenol a Renewable Fuels Standard pathway for its Direct-to-Ethanol® process.
Algenol’s technology displaces fossil fuels with a renewable and sustainable fuel, which according to an independent study by the EPA, reduces lifecycle greenhouse gasemissions by 69%, compared to gasoline.
Power plants are by far the largest source of greenhouse gas emissions in the United States. According to the EPA, CO2 alone is responsible for 84% of the greenhouse gas problem. More than a third of that comes straight from existing power plants. Just $2 worth of CO2 can make seven barrels of fuel. Carbon utilization helps policymakers achieve climate goals with real CO2 reductions. Electric utilities and consumers avoid heavy costs of CO2 capture and underground storage or sequestration.