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Air Products’ Statement on U.S. Department of the Treasury, IRS Guidance on Hydrogen Production Credit

December 22, 2023

Today (December 22, 2023), the U.S. Department of the Treasury and Internal Revenue Service issued proposed rules for claiming the Inflation Reduction Act’s Clean Hydrogen Production Credit (45V). Air Products applauds the Administration’s strong three pillar hydrogen tax credit proposed rules and believes a strong three-pillar implementation is essential to delivering real emissions reductions, creating the stimulus for broader investments across the hydrogen value chain, and cementing the U.S.’s global climate leadership.

As the largest supplier of hydrogen globally, Air Products is already investing boldly in clean hydrogen, committing more than $15 billion to clean hydrogen production, including through U.S.-based projects that deliver real and verifiable emissions reductions from day one.

The proposed rules will ensure subsidies from the U.S. Government provide support for the development of truly clean hydrogen projects, in turn accelerating the growth of the clean hydrogen market. This implementation will also put the United States on a path to a globally harmonized clean hydrogen certification system, important for global energy trade and broader market lift-off. This need was highlighted at the recent Hydrogen Council COP28 Ministerial-CEO Roundtable on Hydrogen, consisting of a delegation of 15 CEOs and senior government officials from 20 countries. Most importantly, scaling the production of clean hydrogen will lead to real and verifiable emissions reductions by helping to decarbonize heavy-duty transportation and heavy industry, accelerating us to net-zero by 2050.

Again, Air Products applauds the Administration for its commitment to the environment and to addressing climate change.