What is the story about?
What's Happening?
Wisconsin lawmakers have introduced proposed tax incentives aimed at attracting a wood pulp plant to northern Wisconsin. The facility would produce Sustainable Aviation Fuel (SAF) from wood pulp, which is an alternative to fossil fuels. The proposed site for the plant is in Hayward, adjacent to an existing LP Building Solutions manufacturing plant. The legislation includes $60 million in tax credits and a $150 million grant backed by public borrowing through the Wisconsin Department of National Resources’ forestry account. The project is expected to create 150 jobs and revitalize the local economy, which has been impacted by the decline in the paper industry.
Why It's Important?
The introduction of Sustainable Aviation Fuel production in Wisconsin could significantly impact the state's economy by creating jobs and diversifying industry. The demand for SAF is expected to grow, especially as the European Union increases its mandated SAF percentages. This development positions Wisconsin at the forefront of the SAF industry, potentially attracting further investment and innovation. The initiative also aligns with global efforts to reduce carbon emissions, contributing to environmental sustainability.
What's Next?
The legislation is currently circulating for cosponsors, with support from several Republican lawmakers. The office of Democratic Governor Tony Evers has not yet commented, but there is interest in the proposal. If successful, the project could lead to further legislative efforts to support SAF production and other renewable energy initiatives in Wisconsin.
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