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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.

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“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 Investment (Iowa) $987 million
Total Investment (North Dakota) $898 million
Total Investment (South Dakota) $795 million
Total Investment (Nebraska) $541 million
Total Investment (Minnesota) $462 million
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

 

Iowa 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

Iowa Findings (Operations Phase)

 

Annual Iowa Expenditures $64 million
State and Local Taxes Paid by SCS (Iowa) $42 million

Iowa County-by-County Breakdown

Summit Carbon Solutions will strengthen the corn market and, by extension, positively impact the economy in all of the counties and communities across Iowa. The table below includes only those counties where the Summit Carbon Solutions’ project is proposed to operate. It represents the company’s total investment and the forecast for incremental annual property taxes generated.

 

County Name Total Investment New Property Taxes
Boone $1,163,023 $44,555
Cerro Gordo $49,850,638 $1,909,740
Cherokee $57,047,404 $2,185,443
Chickasaw $49,091,220 $1,880,648
Clay $37,837,252 $1,449,517
Crawford $22,336,695 $855,702
Dickinson $39,238,694 $1,503,205
Emmet $4,540,335 $173,937
Floyd $22,701,893 $869,692
Franklin $13,813,843 $529,198
Fremont $28,396,192 $1,087,837
Greene $34,333,688 $1,315,298
Hancock $30,713,519 $1,176,612
Hardin $56,706,014 $2,172,365
Ida $43,810,304 $1,678,340
Kossuth $22,056,026 $844,950
Lyon $10,624,969 $407,035
Montgomery $16,390,651 $627,914
O’Brien $30,725,544 $1,177,072
Page $6,393,779 $244,941
Palo Alto $21,999,776 $842,795
Plymouth $42,175,267 $1,615,703
Pottawattamie $22,919,829 $878,041
Shelby $22,641,788 $867,390
Sioux $65,498,569 $2,509,201
Story $40,551,865 $1,553,511
Webster $27,698,565 $1,061,111
Woodbury $18,423,300 $705,783
Wright $66,389,234 $2,543,322

* These figures represent projections based on the current route of the proposed project and are subject to change. 

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

A recent survey found that a broad, bipartisan majority of Iowans support the ethanol industry and believe it is critical to the future of agriculture, the health of the state’s economy, and improving environmental outcomes. Key findings of the survey along with a partisan breakdown of the results are as follows:

  • 95% of those surveyed believe the ethanol industry is important for Iowa farmers and the state’s agricultural industry.
    1. Republican: 97%
    2. No Party: 93%
    3. Democrat: 95%
  • 94% of respondents believe the ethanol industry is important for the state’s economy.
    1. Republican: 97%
    2. No Party: 91%
    3. Democrat: 93%
  • 80% of those surveyed believe ethanol is good for the environment.
    1. Republican: 87%
    2. No Party: 77%
    3. Democrat: 70%
  • 89% of respondents believe the ethanol industry has a positive impact on the state of Iowa.
    1. Republican: 92%
    2. No Party: 84%
    3. Democrat: 89%

Robert Blizzard of Public Opinion Strategies conducted the poll by surveying 500 registered voters in 29 counties where Summit Carbon Solutions is proposed to operate in Iowa using a mix of cell phone and landline interviewing. The poll was conducted from April 8 to April 11, 2022 and has a margin of error of plus or minus 4.38%.

Author: Press Release

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3 COMMENTS

  1. So is it money over landowner rights? Are you trying to get people to agree that our rights can be stolen if enough money is at stake? Let everyone imagine that next it may be your property (car, house, land) that is “taken” for “the common good”….

  2. What a scam. Predicated on the false religion and science of climate change. The only ones to profit are the corporations and politicians pushing it.

    And who pays for the transport and burial of this nonmarketable CO2? We The People do, to the tune of $50/metric ton.

    And if the pipeline breaks and the gas kills a bunch of people while sleeping? What’s the cost of that?

    ‘We got lucky’

    From an USnewsmail article entitled; CO2 Pipeline Explosion Turned Mississippi Town Into ‘A Zombie Movie’. https://usnewsmail.com/news/health/co2-pipeline-explosion-turned-mississippi-town-into-a-zombie-movie/

    “It was almost like something you’d see in a zombie movie, they were just walking in circles” Sheriff’s Officer Terry Gann told Huffpost, while survivor Hugh Martin said that the “only thing I been through worse than this was the gas chamber when I was in the Army training for Desert Storm, and that was cyanide gas.”

    Bad as that may sound though, the situation could have been significantly worse, as they actually “got lucky,” as Yazoo County Emergency Management Agency director Jack Willingham explained. “If the wind blew the other way, if it’d been later when people were sleeping, we would have had deaths.” The Verge called its competitor’s reporting a “scathing investigation of the company, Denbury, that operates the pipeline,” and its headline exhorted readers to “Go read the harrowing story of the world’s first CO2 pipeline explosion.”

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