US leads quadrupling of global H2 subsidies
Financial heft of IRA far outweighs support offered by Europe and Asia Pacific, BloombergNEF says
State subsidies announced for low-carbon hydrogen have quadrupled over the last two years to around $280b, with the US standing out as by far the largest provider of support to the sector, according to analysis by research company BloombergNEF (BNEF). In the US, $137b is expected to flow to eligible projects over the next ten years, mainly via tax credits offered under the Inflation Reduction Act (IRA), BNEF analysis showed. “The US edge comes from the compelling offer of [up to] $3kg of low-carbon hydrogen produced – promised under the IRA,” says Adithya Bhashyam, associate, hydrogen, at BNEF. “The US support makes low-carbon hydrogen competitive with hydrogen from natural gas, enables econ
![](/images/white-fade.png)
Also in this section
26 July 2024
European offtakers and strategic investors start to unlock North African country’s vast potential as a green hydrogen and ammonia supplier
25 July 2024
Investment in 100MW green hydrogen facility in Germany comes as oil major’s wider transition strategy comes under scrutiny
24 July 2024
World’s largest green fertiliser supply agreement puts Villeta project in Paraguay on track for FID later this year
23 July 2024
Awards experience 20% increase in nominations this year, with submissions from 27 countries