The flurry of clean hydrogen projects under development along the Gulf Coast await a...
Were the IRS to apply that higher estimate, it would mean many companies producing hydrogen from gas would only qualify for a small portion of the tax credit, which ranges in value from 60 cents to $3 per kilogram, depending on the carbon intensity of the hydrogen., customers for which the Biden administration is hoping will switch to clean hydrogen.
Oil and gas companies are pressing ahead to reduce methane emissions, replacing out-of-date valves and other equipment while increasing monitoring for leaks, said Emily Hague, director of The Environmental Partnership, an oil industry-funded group.The IRS also is weighing how to count greenhouse gas emissions from so-called green hydrogen, which is produced by running large amounts of electricity through water —.
“Electrolysis is an electricity-hungry process. Even small shares of fossil fuel electricity would drive a lot of emissions,” said Rachel Fakhry, policy director at the Natural Resources Defense Council. “Producing hydrogen with water doesn’t necessarily make it clean.”
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