Why is gold such a good catalyst for oxygen reduction in alkaline media?

The two faces of gold: the reduction of oxygen on gold electrodes in alkaline solutions has been investigated theoretically. The most favorable reaction leads directly to adsorbed O(2)(-), but the activation energy for a two-step pathway, in which the first step is an outer-sphere electron transfer to give solvated O(2)(-), is only slightly higher. d-band catalysis, which dominates oxygen reduction in acid media, plays no role. The reason why the reaction is slow in acid media is also explained.