The head of Exxon has said that he expects the company to be eligible for IRA incentives for a low-carbon hydrogen project expected to be the largest in the world.
Exxon should be eligible for IRA incentives for a low-carbon hydrogen project expected to be the largest in the world. If it isn’t, the company will probably scrap it, chief executive Darren Woods told Bloomberg. The current IRA distribution eligibility criteria single out only green hydrogen as eligible for federal financial support. Exxon’s project will produce so-called blue hydrogen, which is made from natural gas but involves carbon capture.
” The Inflation Reduction Act envisages subsidies of $3 per kilogram of green hydrogen, which is the most expensive form of producing the element. The IRA also envisages subsidies for other methods of producing hydrogen but substantially lower. The company’s CEO echoed a warning made by Exxon earlier this year. In February, the company said it may not go ahead with the Baytown, Texas facility unless the federal government revises its incentive plan.
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