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illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: The U.S. plans to issue guidelines for hydrogen producers to access billions in subsidies under the Inflation Reduction Act (IRA) after COP28
• The guidance, expected by year-end, will detail how these incentives apply, especially regarding the use of new versus existing clean energy sources for hydrogen production
🔭 The context: Hydrogen, crucial for decarbonizing industries like aluminum and cement, could be produced more sustainably with these subsidies, supporting the Biden administration's green energy agenda
🌍 Why it matters for the planet: The effective implementation of these subsidies is vital for promoting green hydrogen production, reducing reliance on fossil fuels, and aiding in the global transition to cleaner energy sources
⏭️ What's next: The U.S. Department of Energy and Treasury are deliberating over the subsidy design, considering the potential impact on emissions and the feasibility of integrating existing nuclear and hydroelectric sources
💬 One quote: "It's a big tax credit. We have to get it right," (David Turk, U.S. Department of Energy Deputy Secretary)
📈 One stat: The IRA includes subsidies of $3 per kilogram for green hydrogen production, aiming to jumpstart the industry currently hindered by high costs and other constraints
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