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Eased requirements for hydrogen projects are believed to kickstart the growth of the industry.
Companies wanted to use the U.S. tax credits for various hydrogen projects. (Photo: Hydrogen cluster Finland)
Tax Credits For Hydrogen Projects
Companies seeking to use new U.S. tax credits for hydrogen projects are urging the Treasury Department to ease proposed environmental requirements that could hinder the industry’s growth.
The tax credit, known as the Clean Hydrogen Production credit, offers incentives for hydrogen projects and clean hydrogen production up to $3.00/kilogram over 10 years.
Some companies, like Australian firm Fortescue, are concerned that the hydrogen projects’ requirements to prove the use of clean electricity from the same region and at the same time as hydrogen production will limit their eligibility for the credit.
On the other hand, industry groups like the Fuel Cell and Hydrogen Energy Association and some NGOs argue that these requirements for hydrogen projects are crucial for achieving climate goals and maintaining the credibility of the hydrogen industry.
According to a published article by SmartNews, the discussions around the requirements of hydrogen projects are ongoing.
Various stakeholders are presenting their arguments about the hydrogen projects to the Treasury and IRS at hearings this week.
Stranded Tankers In Brazil
In a published article by Yahoo, tankers filled with Russian diesel fuel are stranded off the coast of Brazil, with over 3.2 million barrels waiting to be delivered.
The reason for the delay is unclear, but it is likely due to the escalating sanctions against Russia following the invasion of Ukraine.
This surplus of diesel highlights the challenges in Russian energy shipments, as more countries refuse to buy their oil.
Despite more diesel on its way to Brazil, traders are hesitant to ship them out due to difficulties in offloading the cargo.
Brazil has also sourced diesel from the UAE and Kuwait in March.
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