The letter was to address the implementation of Section 45B Clean Hydrogen Production Tax Credit
Clean Hydrogen Solutions Global Leader Plug Power has joined 32 other signatories, including
the U.S. Chamber of Commerce, in submitting a letter to the Biden administration regarding
the implementation of an H2 tax credit. Those signing the letter are hopeful that the rules for the tax credit will support
not hinder goals. Domestic clean hydrogen is expected to play an important role in the U.S. effort to meet
climate and economic targets. It is for this reason that Plug Power has said that it has signed the letter to officials
in the Biden administration to address the implementation of the Section 45B Clean Hydrogen
Production Tax Credit. The PTC was initially created by Congress to drive investments into renewable H2
That said, if the rules for PTC are not carefully designed, there is concern that it will do
more harm than good to achieving the country's goals. The letter places the spotlight on the renewable H2 PTC's importance of supporting energy security
decarbonization of sectors that are among the most challenging to affect and drought creation
Furthermore, the letter also cautions Biden's administration to avoid inequitable and unworkable
requirements for the PTC that would send investments out of the country, making it possible for
other countries to undercut renewable H2 production in the United States. The intention Congress had for the Clean Hydrogen PTC and Inflation Reduction Act was to rapidly
scale green hydrogen. Congress was seeking to push renewable H2 production within the U.S. while boosting
the administration's greenhouse gas pollution reduction commitment. Furthermore, Plug Power issued a Technical and Policy Impact Analysis, which it called
the Road to Clean Hydrogen, Getting the Rules Right, specifically about the implementation
of the PTC. The fact is, clean domestic hydrogen is essential to meeting America's climate and economic
goals, said Andy Marsh, CEO at Plug Power. If PTC rules are too restrictive, we risk forgoing hundreds of thousands of jobs, conceding
hydrogen leadership overseas, compromising our energy security, and failing to achieve decarbonization goals, especially in hard-to-abate sectors like steel and chemical production
Thank you for watching. Make sure to hit subscribe and grab our free H2 eBook for more updates
Also leave us a comment and let your thoughts be heard