The “clean” hydrogen industry’s patience for long-awaited Biden administration guidance to receive tax credits is running thin.
Speaking at an industry conference in Washington on Tuesday, the heads of major companies that aim to produce hydrogen in the U.S. urged the Treasury Department to finalize tax rules under the Inflation Reduction Act to kick-start the emerging sector.
“The pace of change is starting to impact project development,” said Rushabh Shah, director of U.S. Midwest Hydrogen and CCS at the British firm BP, which is planning to produce hydrogen from fossil fuels at an oil refinery in Indiana.
Beth Deane, chief legal officer at Electric Hydrogen, which aims to produce hydrogen with low-carbon electricity, said “it’s time to compromise” on the hydrogen tax credit known as 45V, which she described as the “elephant in the room” at the Hydrogen Americas Summit.
