Study: Summit Carbon Solutions will drive economic growth

By Summit Carbon Solutions | April 21, 2022

A new study shows that Summit Carbon Solutions’ proposed carbon capture, transportation, and storage project will create jobs, generate new tax revenue for local communities, support local suppliers, and strengthen the Midwest regional economy. Ernst & Young, a global leader in accounting and professional services, conducted the study.

Summit Carbon Solutions has partnered with 32 ethanol plants across the states of Iowa, Minnesota, Nebraska, North Dakota, and 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 capture and permanently store 12 million tons of carbon dioxide every year, while opening critical new markets for ethanol producers and bolstering the bottom line of corn growers.

“From the outset of this project, Summit Carbon Solutions has been committed to driving the future of agriculture by expanding economic opportunities for ethanol producers and by strengthening the marketplace for farmers in the Midwest,” said Jake Ketzner, Summit Carbon Solutions Vice President of Government and Public Affairs. “In addition to those 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 utilization of local suppliers and main street businesses, and tens of millions of dollars in new tax revenues that will help local communities fund our roads, hospitals, first responders, and more.”

 

Several key highlights include the following:

Project-Wide Findings (Construction Phase) 

Total Investment

$3.7 billion

Total Average Annual Jobs Created

11,427

Total Federal, State, Local Taxes Paid by SCS

$371 million

Expenditures to Suppliers, Contractors, and More

$2.1 billion

Total Right-of-Way and Other Landowner Payments

$309 million

 

Project-Wide Findings (Operations Phase)

Annual Expenditures

$170 million

Total Jobs Supported

1,170

Expenditures to Suppliers, Contractors, and More

$78 million

Total Federal, State, Local Taxes Paid by SCS

$97 million

 

State-by-State Findings (Construction Phase)

Total Iowa Investment

$987 million

Total Labor Income in Iowa

$389 million

State and Local Taxes Paid by SCS (Iowa)

$73 million

Total North Dakota Investment

$898 million

Total Labor Income in North Dakota

$392 million

State and Local Taxes Paid by SCS (North Dakota)

$61 million

Total South Dakota Investment

$795 million

Total Labor Income in South Dakota

$440 million

State and Local Taxes Paid by SCS (South Dakota)

$74 million

Total Minnesota Investment

$462 million

Total Labor Income in Minnesota

$276 million

State and Local Taxes Paid by SCS (Minnesota)

$45 million

Total Nebraska Investment

$541 million

Total Labor Income in Nebraska

$249 million

State and Local Taxes Paid by SCS (Nebraska)

$41 million

 

State-by-State Findings (Operations Phase)

Annual Iowa Expenditures

$64 million

State and Local Taxes Paid by SCS (Iowa)

$42 million

Annual North Dakota Expenditures

$18 million

State and Local Taxes Paid by SCS (North Dakota)

$8 million

Annual South Dakota Expenditures

$37 million

State and Local Taxes Paid by SCS (South Dakota)

$15 million

Annual Minnesota Expenditures

$22 million

State and Local Taxes Paid by SCS (Minnesota)

$14 million

Annual Nebraska Expenditures

$29 million

State and Local Taxes Paid by SCS (Nebraska)

$16 million

 

Summit Carbon Solutions will strengthen the corn market and, by extension, positively impact the economy in all of the counties and communities across the Midwest. The report from Ernst & Young also includes county-level data showing the company’s total investment and the forecast for incremental annual property taxes generated.

The full report along with state-by-state fact sheets can be found at www.SummitCarbonSolutions.com.