As the Biden administration works to finalize implementation guidance for the new clean hydrogen production tax credit, 45V, the fossil fuel industry and a select set of other industry actors are aggressively lobbying to loosen the rules—while everyone else is scrambling to stop them. Here’s why.
First, the tax credit is generous. Extremely generous. Borderline obscenely generous.
And there’s no funding cap. Meaning through 2042, as long as produced hydrogen is deemed eligible, there’s no limit to how deep into the public coffers eligible hands can reach.
Second, because of the tax credit’s design, exactly what counts as “eligible” clean hydrogen is still to-be-defined.
Queue the lobbying blitz as industries once-, twice-, and even three-times removed from anything to do with hydrogen production scramble to stretch the definition of “clean” to…
Read the full article originally published at blog.ucsusa.org.