The $3 billion proposed pipeline, which was planned to run through South Dakota, Nebraska, Iowa, Minnesota, and Illinois, was supposed to carry carbon dioxide emissions from more than 20 industrial plants — mostly ethanol and fertilizer hubs across the Midwest — and transport the emissions to Illinois for underground sequestration. However, a number of setbacks hindered the project, including the inability to obtain the necessary permits to build the project on private land.

"As good stewards of capital and responsible managers of people, we have made the difficult decision to cancel the Heartland Greenway project," Matt Vining, CEO of Navigator CO2, wrote in a statement. "We are disappointed that we will not be able to provide services to our customers and thank them for their continued support."