An increasing number of countries have been unveiling their detailed legislative frameworks and extensive state support packages aimed at developing the hydrogen market in the context of the race to net zero. The US is not a new participant in this race. The 2021 Infrastructure Investment and Jobs Act allocated USD 9.5 billion for clean hydrogen. The Inflation Reduction Act signed into law in August 2022 provided additional policies and incentives for the development of the hydrogen market, including a production tax credit, which is aimed at boosting the US market for clean hydrogen. However, the US Department of Energy’s publication of a draft Clean Hydrogen Strategy and Roadmap (CHSR) takes the US government’s level of commitment to clean energy to the next level, as well as showing its willingness to work with existing and potential hydrogen market participants and other stakeholders to develop a framework that really works. This article examines the key provisions of the CHSR.
TMT companies are often the first to develop innovative solutions and to face increasingly sophisticated regulation of key technologies they develop. As such, they have a unique opportunity to shape many areas including data strategies aligned to I&D, the future of remote work, and due diligence requirements for supply chains. A focus on data ethics underscores companies’ management of tangled data regulations and obligations as stewards of data. Additionally, TMT companies will also continue to develop and support innovative technologies to access and store renewable energy.
Given current energy transition needs and a reshaping of policy going forward, financing is a key to achieving investment milestones and project development goals. Join us for this 60 minute discussion where Baker McKenzie energy and financing practitioners will discuss the options, trends and considerations to help bring clarity as project sponsors, lenders and investors move forward with their energy transition strategy.
To support the development of clean hydrogen technology as part of a national energy strategy, the Infrastructure Act includes multiple amendments, modifications, and additions to existing statutory provisions.
As the penetration of renewable energy increases, maintaining grid reliability becomes ever more challenging and costly. This Baker McKenzie report highlights key opportunities and challenges for the energy storage sector both from a global perspective and from the perspective of several key jurisdictions, and the significance of its role in enabling the energy transition.