AMES, Iowa, April 20, 2022 /PRNewswire/ — New Study Shows Carbon Capture, Transport and Storage Project Proposed by Summit Carbon Solutions Will Create Jobs, Generate New Tax Revenue for Local Communities, Support Local Suppliers and Strengthen the Economy Midwest region. Ernst & Young, a global leader in accounting and professional services, conducted the study.
Summit Carbon Solutions has partnered with 32 ethanol plants in the states of Iowa, Minnesota, Nebraska, North Dakotaand South Dakota, to develop the largest carbon capture and storage project in the world. This multi-billion dollar infrastructure project will have the capacity to permanently capture and store 12 million tonnes of carbon dioxide each year, while opening critical new markets for ethanol producers and bolstering the bottom line of corn producers.
“From the beginning of this project, Summit Carbon Solutions has been committed to driving the future of agriculture by expanding economic opportunities for ethanol producers and strengthening the market for Midwestern farmers,” said Jake Ketzner, vice president of government and public affairs for Summit Carbon Solutions. “In addition to these benefits, the latest analysis shows the overwhelmingly positive impact of this multi-billion dollar private investment, including the creation of thousands of new high-quality jobs, the use of local suppliers and Main Street, and tens of millions of dollars in new tax revenue that will help local communities fund our roads, hospitals, first responders, and more.”
Several key highlights include the following:
Project-wide results (Construction Phase)
|
Total investment |
$3.7 billion |
|
Total average annual jobs created |
11,427 |
|
Total federal, state and local taxes paid by SCS |
$371 million |
|
Expenses to suppliers, subcontractors, etc. |
$2.1 billion |
|
Total right-of-way and other payments to landowners |
$309 million |
Project-wide results (Operations Phase)
|
Annual expenses |
$170 million |
|
Total jobs supported |
1,170 |
|
Expenses to suppliers, subcontractors, etc. |
$78 million |
|
Total federal, state and local taxes paid by SCS |
$97 million |
Results State by State (Construction Phase)
|
Total investment in Iowa |
$987 million |
|
Total labor income in Iowa |
$389 million |
|
State and local taxes paid by SCS (Iowa) |
$73 million |
|
Total investment in North Dakota |
$898 million |
|
Total labor income in North Dakota |
$392 million |
|
State and local taxes paid by SCS (North Dakota) |
$61 million |
|
Total investment in South Dakota |
$795 million |
|
Total labor income in South Dakota |
$440 million |
|
State and local taxes paid by SCS (South Dakota) |
$74 million |
|
Total investment in Minnesota |
$462 million |
|
Total labor income in Minnesota |
$276 million |
|
State and local taxes paid by SCS (Minnesota) |
$45 million |
|
Total investment in Nebraska |
$541 million |
|
Total labor income in Nebraska |
$249 million |
|
State and local taxes paid by SCS (Nebraska) |
$41 million |
Results State by State (Operations Phase)
|
Iowa Annual Expenses |
$64 million |
|
State and local taxes paid by SCS (Iowa) |
$42 million |
|
North Dakota Annual Expenses |
$18 million |
|
State and local taxes paid by SCS (North Dakota) |
$8 million |
|
South Dakota Annual Expenses |
$37 million |
|
State and local taxes paid by SCS (South Dakota) |
$15 million |
|
Minnesota Annual Expenses |
$22 million |
|
State and local taxes paid by SCS (Minnesota) |
$14 million |
|
Nebraska Annual Expenses |
$29 million |
|
State and local taxes paid by SCS (Nebraska) |
$16 million |
Summit Carbon Solutions will strengthen the market for corn and, by extension, positively impact the economy of every county and community in the Midwest. Ernst & Young’s report also includes county-level data showing the company’s total investment and projections of incremental annual property taxes generated.
The full report and State-by-State fact sheets are available at www.SummitCarbonSolutions.com.
Summit Carbon Solutions is driving the future of agriculture by expanding economic opportunity for ethanol producers, strengthening the market for Midwestern farmers and creating jobs. Developing the world’s largest carbon capture and storage project, the company seeks to reduce greenhouse gas emissions by connecting industrial facilities through strategic infrastructure to store carbon dioxide safely and permanently in the Midwestern United States. For more information visit: www.SummitCarbonSolutions.com.
SOURCE Summit Carbon Solutions
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