The introduction of last year’s Inflation Reduction Act (IRA) seeks to spur investment in green technology in the US by committing $369bn in subsidies through grants, loans and tax credits to public and private entities.
In addition to jump-starting R&D and commercialisation of cutting-edge clean technologies such as carbon capture and storage (CCS) and green hydrogen, the Act has pledged to install five times the amount of solar storage capacity by 2032.
After introduction of IRA, the US is positioned to be one of the lowest green hydrogen production cost regions in the world, at $0.5 to $1.5 per kg of green hydrogen. This is expected to substantially boost the demand in the US, potentially growing to around 30 million tonnes per annum (MTPA) by 2030 to 2035.
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