US sets new standard for clean hydrogen support

Passing of Inflation Reduction Act confirms US as one of most competitive green hydrogen markets

The US’ newly passed Inflation Reduction Act (IRA) sets a new standard for state support for clean hydrogen and challenges other nations to ramp up their subsidies amid intensifying global competition for private capital to scale up the industry. Congress passed the act over the weekend, clearing the way for it to be signed into law by President Joe Biden. The Biden administration expects the IRA to unleash about $370bn of investment in energy and climate change schemes. For the clean hydrogen sector, the headline figure is a ten-year production tax credit (PTC) rate that starts at $0.60/kg and potentially rises to up to $3/kg subject to meeting requirements on carbon intensity, staff wage l