Agricultural Benefits
Summit Carbon Solutions will open new economic opportunities for the ethanol and agricultural industries that are so critical to the Midwest economy. Our carbon capture and storage project will put the ethanol produced at our 32 partner facilities on track to become a net-zero fuel by 2030. This will allow these plants to sell their product at a premium in the growing number of states and countries that have adopted low carbon fuel standards
Today, ethanol supports 360,000 jobs and contributes $45 billion to the annual U.S. GDP. But maybe most importantly, ethanol plants purchase approximately half of all the corn produced in the United States. Summit Carbon Solutions’ investment will strengthen this marketplace even further for farmers, while maintaining strong land and commodity prices.
Economic Benefits
Ernst & Young, a global leader in accounting, conducted a study that found 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.
Project-Wide Findings (Construction Phase)
Total Investment | $4.5 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 |
Environmental Benefits
Once completed, Summit Carbon Solutions’ Project will be the largest carbon capture and storage project in the world. This project will have the capacity to capture and permanently store up to 12 million tons of CO2 every year. That’s the equivalent of removing 2.6 million vehicles from our roads annually.