Big Oil Aims To Cash In On Hydrogen Tax Credits With Natural Gas
Less than two years after securing generous subsidies in President Joe Biden’s landmark climate legislation, some of America’s largest oil and gas companies are directing their advocacy toward shaping one of the law’s obscure but potentially lucrative provisions: a tax credit for hydrogen production.
The hydrogen tax credit – known among advocates and industry players as “45V” for the section of the Inflation Reduction Act (IRA) that created it – felt at times as if it were the sole focus of the Hydrogen Americas Summit, a two-day industry confab held June 11-12, that wrapped up yesterday in Washington, D.C.