New US bill to unleash rapid clean energy deployment

The Inflation Reduction Act of 2022 includes long-term tax credits for clean hydrogen and carbon capture

Tax credits included in a new energy and climate bill set to be passed by the US Congress will unleash “rapid deployment” of clean energy, according to industry group the American Clean Power Association (ACPA). The Inflation Reduction Act of 2022 is to be added to the budget reconciliation bill being negotiated in Congress after this week gaining support from Democratic senator Joe Manchin—critical to passing the bill given the knife-edge majority the party holds in the Senate. This has given renewed momentum to President Joe Biden’s stalled climate agenda following months of political deadlock caused by Manchin’s opposition to the administration’s flagship ‘Build Back Better’ bill. “