Green Plains Inc. (NASDAQ: GPRE) has disclosed that two of its biorefineries have signed a long-term carbon offtake deal with the unit of Summit Agriculture Group, Summit Carbon Solutions (SCS). SCS has also declared a carbon gain and storage scheme. This mission is proven to be very useful for the building of a crucial structure to move CO2 from Iowa to North Dakota for storing into geologic storage.
To lessen the greenhouse gas discharges that crucial technology is seizing and accumulating carbon and to prevent global warming. After this cooperation, the refineries of the firm will be able to lessen the carbon emission.
Additionally, Ultra-High Protein, renewable corn oil, and other sustainable products of GPRE will become true low carbon components for aquaculture, and pet food firm and low carbon raw materials for renewable diesel. First of all, GPRE will connect its biorefineries in six states and also has the opportunity to grow its locations further.
After the end of the mission, SCS will be able to seize and sequester 10 million tons of carbon dioxide yearly. This 10 million is equal to eliminate over two million cars from the road each year. GPRE will invest in Summit Carbon Solutions to aid fund the expansion of the project and anticipates the pipeline to commence tasks in late 2024.
Furthermore, the main aim of GPRE is to lessen carbon and make the future carbon-free & boost its effectiveness. The firm will be able to reduce the carbon emission from its biorefineries and will be able to decrease its CI score by as much as 50%.