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Development of a clean energy economy was a key plank in President Biden’s platform four years ago and it has remained a priority since he took office in January 2021. With a focus on the short-term changes necessary to make any long-term goals viable, Biden set out some ambitious 2030 targets: at least 80% of U.S. power to be generated using renewable sources, a 50%-52% reduction (from 2005 levels) in greenhouse gas (GHG) emissions, and production of 10 million metric tons per annum (MMtpa) of clean hydrogen (ramping up to 20 MMtpa by 2040 and 50 MMtpa by 2050).
The Biden administration took more than a year to come up with the proposed rulemaking around the tax credit, which has received a lot of criticism from industry groups and others that find it too restrictive, potentially stifling projects right from the start. There were nearly 400 comments about the proposed rulemaking submitted by corporations or organizations, an indication of how invested people are in the idea of clean hydrogen and its potential to be a game changer.
Key takeaways from the report include:
- Temporal matching makes new power generation a priority.
- Geographic matching could make states power ‘islands.’
- Additionality rules could impact current generation.
- Industry suggests changes, including early-mover benefits.
- Clean hydrogen’s fate could be tied to November’s vote.
“Walls” is included in RBN Energy’s 2024 Drill Down report series, a suite of reports covering many of the key issues expected to impact the markets for crude oil, natural gas and natural gas liquids. Drill Down reports are part of RBN Backstage Pass™ premium resources that also include Blog Archive Access, Spotcheck Indicators, Market Fundamentals Webcasts, Get-Togethers and more. By subscribing to RBN’s Backstage Pass™ Premium Services, you plug into our network and get direct access to our premium resources.
