Oil and Gas Advocacy for expanded IRA hydrogen tax credits

Under the incoming administration, the oil and gas industry will likely advocate for several policy changes to the Inflation Reduction Act (IRA) that will enhance support for gray hydrogen production, aligning this sector’s infrastructure adaptation to hydrogen as a clean energy source.

As a cornerstone of the U.S. economy, the oil and gas industry supports approximately 10.3 million jobs and accounts for nearly 8% of the nation’s GDP. Challenges from fluctuating commodity prices and a global shift toward sustainable energy sources are driving the oil and gas industry to diversify into new sectors.

Lobbying efforts could focus on further tailoring existing IRA hydrogen tax credit incentives to align with the sector’s operational needs.

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The company is founded by entrepreneurs hailing from the world’s most renowned financial institutions including Standard Chartered Bank, Lloyd’s of London, Citi, Merill Lynch, Bank of America and Wells Fargo.

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