Companies compete for billions of dollars in hydrogen tax breaks
Companies compete for billions of dollars in hydrogen tax breaks
WASHINGTON — Big energy producers are vying for billions of dollars in subsidies from last year’s climate law, a fight that pits the Biden administration’s economic growth goals against its efforts to reduce gas emissions Greenhouse effect.
The battle is over subsidies to produce clean hydrogen, a potential alternative to oil and natural gas in industries such as steel and trucking, where renewable energy and batteries alone are not enough. The administration is considering how to strictly define which energy sources can be used to produce clean hydrogen while still being eligible for some of the Inflation Reduction Act’s most valuable tax credits.
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