Today, the national advocacy group Food & Water Watch released a new analysis on the true cost of the three carbon pipelines proposed for the Midwest, finding that federal taxpayers could waste in excess of $20 billion dollars on these projects over the next 12 years.
A single federal tax credit called Section 45Q could funnel almost $2 billion a year to Summit, Navigator and Wolf/ADM to capture carbon from ethanol facilities to feed their pipeline projects.
Since 2010, the federal government has poured more than $8 billion into carbon capture projects via direct funding and tax credits, yet most federally-funded projects failed.
While federal funding props up these projects, it leaves local communities to foot the bill should anything go wrong.
To date, hundreds of Iowans have submitted public comments against the costly and dangerous Summit carbon pipeline, the first proposed for the state and first in line to go through Iowa Utilities Board permitting.
“Regular people have already paid through the nose for carbon capture, only to watch the flawed technology fail time and time again.
Food & Water Watch mobilizes regular people to build political power to move bold and uncompromised solutions to the most pressing food, water, and climate problems of our time.