Briefing: Economic Impacts of Carbon Capture and Sequestration
Regional economic impacts are a critical piece of the decision making process surrounding carbon capture, utilization, and sequestration (CCUS) implementation. Integration of carbon capture technologies with the existing coal fleet not only helps to ensure the longevity of an existing industry, jobs are created at the capture plant during the construction and operational periods. A significant number of jobs are created during the construction period, which results in additional job creation through indirect and induced effects. Local suppliers will see an uptick in sales due to the high demand for construction materials, which is considered an indirect impact on the local economy. Workers spend money on housing, food, and entertainment that can induce additional job creation. The ripple effects of a project such as this can last for many years and result in increased tax revenue to the state and other localities. Permanent jobs are created during the operational phase at both the plant and oil wells that are ready for enhanced oil recovery (EOR) operations. The incremental oil production can also increase tax revenues to the state. This presentation will review the potential regional economic impact of wide-scale CCUS technology implementation on coal-fired power plants and oil fields as evidenced by North Dakota.