The Department of Treasury’s new proposed rules for tax credits for “clean hydrogen” could be a boon for boosting the nascent clean energy field, advocates say. But some companies, including oil and gas producers, and politicians say they are too strict to accelerate the industry quickly enough. The rules will establish how clean the plants need to be to qualify for potentially generous subsidies...
Hydrogen Subsidies
The U.S. clean hydrogen industry may be vanishingly small, but thanks to new proposed rules from the Biden administration, the geography of the emerging sector is coming into focus — and not everyone is pleased with it. Late last month, the Biden administration laid out its rules for the 45V hydrogen production tax credit. It’s the world’s most lucrative incentive for using water and carbon-free...
But even projects that do source fossil gas from the least leak-prone areas and capture high percentages of their carbon dioxide emissions may be hard-pressed to access the most lucrative tiers of the 45V tax credit. According to an analysis by think tank RMI, even steam methane reforming plants that capture 90 percent of the carbon dioxide they emit and source fossil gas with very low upstream methane...
The October announcement that the U.S. Department of Energy had selected seven regional hub projects for billions in federal money to spur the production of clean hydrogen was met with considerable fanfare from the fledgling industry, seen as crucial to helping decarbonize the American economy. But when the Biden administration’s Treasury Department released...
Sweden, which opened its largest electrolyzer facility last year, is up next, and fellow European Union members Germany and France also make the top 10. The EU has plans to “produce 10 million tonnes and import 10 million tonnes” of “renewable hydrogen” by 2030, and it has set ambitious targets to boost hydrogen use in industry and transport, positioning itself as a leader in demand-side...
ArcelorMittal, one of the world’s leading steelmakers, is facing scrutiny over its commitment to decarbonisation, as a recent report from advocacy group SteelWatch reveals that the company has only invested one third of the $1.5 billion it pledged towards decarbonisation efforts between 2021 and 2023.The steel giant, which produces emissions equivalent to Belgium’s entire output, had estimated a $10...
European Hydrogen Bank auction provides €720 million for renewable hydrogen production in Europe European Commission Source link...