Study: CO2 Project Equals $3.2 Billion Opportunity for South Dakota
ONIDA, S.D. (September 9, 2024) – Summit Carbon Solutions’ proposed carbon capture project would add more than $3.26 billion in gross output across South Dakota over 12 years, according to the latest economic analysis from the Dakota Institute released today.
“Summit’s CO2 pipeline is set to bring historic benefits to South Dakota,” said Doug Berven, the Executive Director of the South Dakota Ethanol Producers Association. “Increasing job opportunities, boosting income, and injecting billions into the state’s economy, this project represents a massive investment in the future of South Dakota. Ultimately, South Dakota’s family farmers and rural communities stand to gain the most from this project.”
The new report, commissioned by the South Dakota Ethanol Producers Association, seeks to quantify the economic impact of the proposed Summit project for the state, including updated construction and operation expenditures and new tax requirements under SB 201 benefiting landowners and local communities.
The combined economic impacts of the Summit project over 12 years include:
- Total Employment 4,101
- Personal Income $1.25 Billion
- GDP $1.98 Billion
- Gross Output $3.26 Billion
The South Dakota section of Summit’s multi-state project will stretch approximately 685 miles (27% of the project’s total miles) across 23 counties.
About South Dakota Ethanol
The South Dakota Ethanol Producers Association serves as a strong, unified voice of advocacy for the expansion of ethanol production, greater access to the marketplace, and increased use and acceptance in South Dakota and the United States. Members include Dakota Ethanol, Gevo, Glacial Lakes Energy, NuGen Energy, Poet Bioprocessing, Redfield Energy, Red River Energy, and Ringneck Ethanol.
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