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Plug Power and 32 Signatories Submit Letter to Biden Administration on Section 45V Clean Hydrogen Production Tax Credit Implementation
LATHAM, N.Y., July 25, 2023 (GLOBE NEWSWIRE) -- Without domestic clean hydrogen, the U.S. will not meet its climate and economic goals. That is why today Plug
About this update from Plug Power, Inc.
[{"type":"text","content":"LATHAM, N.Y., July 25, 2023 (GLOBE NEWSWIRE) -- Without domestic clean hydrogen, the U.S. will not meet its climate and economic goals. That is why today Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, the U.S. Chamber of Commerce, and 31 other organizations submitted a letter to Biden Administration officials addressing Section 45V Clean Hydrogen Production Tax Credit (PTC) implementation. Congress created the PTC to spur investments in clean hydrogen, and poorly devised PTC rules could hamper this vital industry and broader U.S. policy goals. The letter underscores the Clean Hydrogen PTC’s importance in driving energy security, job creation, and decarbonization of the most difficult-to-abate sectors. In addition, the letter cautions the Administration to avoid unworkable and inequitable PTC requirements that could shift clean hydrogen investments overseas and allow other countries to undercut U.S. clean hydrogen manufacturing. Congress’ intent of enacting the PTC and Inflation Reduction Act was to rapidly scale clean hydrogen production in the United States and accelerate the Biden Administration’s greenhouse gas pollution reduction targets. In addition, Plug has developed a technical and policy impact analysis, “The Road to Clean Hydrogen: Getting the Rules Right,” about PTC implementation. If overly strict restrictions are placed upon tax credit qualifying rules, the analysis projects a significant negative impact on the development of the green hydrogen industry, including domestic investment reductions of 65 percent by 2032, the loss of over 500,000 jobs over the next seven years, and energy security risks from the failure to develop hydrogen manufacturing and infrastructure. “The fact is clean domestic hydrogen is essential to meeting America’s climate and economic goals,” said Plug CEO Andy Marsh. “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.” “The section 45V hydrogen PTC holds enormous potential to help the Administration meet its ambitious climate targets, but we must get the details right. Plug’s technical analysis demonstra...