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