New rules for a tax credit worth up to $3 per kilogram of hydrogen are a boon for companies looking to capitalize on the clean fuel market. The Treasury Department's revised rulebook expands eligibility to include nuclear power, natural gas with carbon capture, and even methane from sources like wastewater and manure, potentially turning trash into treasure. While hailed as the fuel of the future, the plan has faced criticism for potentially subsidizing Big Oil and greenwashing fossil fuel-derived hydrogen.
In the high-stakes race to dominate the clean hydrogen market, the Biden administration just handed out a golden ticketor rather, loosened the strings on who can cash in. New rules for a tax credit worth up to $3 per kilogram of hydrogen are a boon for companies eager to turn this clean-burning fuel into big business. After months of lobbying and a draft that left many industry players fuming, the Treasury Department has delivered a rulebook that's friendlier to hydrogen hopefuls.
6% on the news. Hydrogen is hailed as the fuel of the future, crucial for cleaning up industries like steel and cement production, not to mention heavy transport. But the devil has been in the details. Critics have pointed out that the U.S. hydrogen plan, including its $7 billion for regional hydrogen hubs, risks becoming a subsidy buffet for Big Oil.
Hydrogen Clean Energy Tax Credit Fossil Fuels Environment
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