I recently returned from Egypt where I attended COP27. It was hard to miss the hubbub produced by the clean hydrogen production tax credits (PTC) in the Inflation Reduction Act (IRA). Industry, governments, civil society, and businesses are all closely tracking developments, conscious of the sea change that the PTC is already producing in the global hydrogen market. It is now widely accepted that the U.S. will quickly become one the most – if not the most—lucrative market for the nascent clean hydrogen industry. And it underscores how vitally important it is for the U.S. to implement the tax credits well, ensuring that clean hydrogen is actually “clean” and steering the market in a direction aligned with climate goals.
istock/Petmal
This is no easy feat. The tax credits are linked to the…