The company has floated a separate entity to develop and operate the carbon capture and storage network; once operational, the network is expected to absorb carbon emissions of factories across the American Midwest to the tune of 10 million tonnes per year
Summit Agricultural Group, an agribusiness based in the US working to integrate the agriculture sector with renewable energy has announced its plans to build the world’s largest carbon capture and storage project. The Group launched Summit Carbon Solutions, a new business platform that will oversee the development of an enormous carbon capture and storage network in the Midwest region of America. The network will have the capacity to capture and store upwards of 10 million tonnes of carbon dioxide every year, which is roughly equal to removing the emissions of 2 million cars annually.
To begin with, Summit has partnered with a select number of biorefineries in Iowa, Minnesota, South and North Dakota to capture and store their carbon emissions, putting them on the path to create net-zero carbon fuel. In addition to the network’s immensely positive impact on the environment, it will also transform the economic sustainability of biofuels and agricultural industries, attract significant private investment and stimulate job creation. Summit has also signaled future association with other industries in the Midwest committed to cutting down their emissions significantly.
Bruce Rastetter, CEO of Summit Agricultural Group, said: “This is a giant leap forward for the biofuels industry. Carbon capture and storage is a future-focused solution that allows biorefineries to lower their already attractive carbon footprint by up to 50 percent. Simply put, this will be the most impactful development for the biofuels industry and Midwestern agriculture in decades. We are grateful for our partnership with a significant group of forward-thinking biorefiners who have agreed to partner with us on this exciting new venture.”
Summit Carbon Solutions has started work on initial design, engineering and permit applications needed for the network. The carbon emissions are to be stored in saline geologic formations under the sea. The company has projected operations to begin by 2024.