Treasury delay threatens U.S. hydrogen advantage as China leapfrogs ahead

Treasury delay threatens U.S. hydrogen advantage as China leapfrogs ahead

American producers should not have to compete with their hands tied behind their backs

Benton Arnett and Michael Purdie | November 13, 2023

OPINION:

The global race to produce clean-burning hydrogen fuel is on, and according to a new International Energy Agency report, China is winning. That’s a surprising development, given the hundreds of billions devoted by the Biden administration to encourage U.S. production, including $7 billion just announced by the president for regional hydrogen hubs.

When first passed by Congress as part of the 2021 Infrastructure Investment and Jobs Act, this unprecedented level of federal spending seemed to secure America’s competitive advantage — especially when combined with the clean hydrogen production tax credit included in the 2022 Inflation Reduction Act.

Known as 45V, this tax credit covers about 60% of the total cost for any domestic hydrogen producer that meets certain low-emissions standards. That tax credit initiated a tidal wave of planned investment and created envy in other countries.

“We like the IRA,” affirmed Sanjiv Lamba, CEO of the multinational hydrogen producer Linde, shortly after the law’s passage. “It is simpler and easier to understand than the [European Union’s] lengthy policy statements.”...more
https://www.washingtontimes.com/news/2023/nov/13/treasury-delay-threatens-us-hydrogen-advantage-as-/

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