POINT: Carbon capture, sequestration projects vital to South Dakota’s future
May 20, 2023
Guest column by David Owen, S.D. Chamber of Commerce and Industry
The multi-billion-dollar Summit Carbon Solutions CCS (carbon capture and sequestration) pipeline represents the future potential of agriculture, energy and ethanol in our state, along with prosperity of the businesses, communities and families that depend on them. This groundbreaking project will traverse 2,000 miles across Iowa, Minnesota, North Dakota, South Dakota and Nebraska.
The project, if approved, will spur tremendous economic growth in South Dakota, according to an analysis from the accounting firm Ernst & Young. During the construction phase, total South Dakota investment is expected to reach $795 million; total labor income in South Dakota is estimated at $440 million; and state and local taxes paid by SCS will reach $74 million. During the operations phase, annual income to South Dakota businesses and employees are estimated at $37 million, while state and local taxes paid by the project are anticipated to reach $15 million.
The South Dakota Chamber of Commerce and Industry has opposed proposed measures that are aimed at adding regulations to a process that has worked well to protect the interests of the citizens of South Dakota. This opposition could be applied to the proposed Minnehaha County ordinance Amendment #23-02. This amendment would create unnecessary and burdensome red tape for this and other pipeline systems in the state.
To read the rest of this article, please visit its original source at The Dakota Scout.