.png)
Inflation Reduction Act Boosts Clean Energy Investment Amid Permitting Challenges
Here is an article from E&E News. According to it:
- The Inflation Reduction Act offers significant incentives for the oil and gas industry to invest in low-carbon hydrogen, carbon capture, and renewable natural gas, though permitting challenges persist.
- Tax credits are expected to make U.S. hydrogen production the cheapest globally, but consumer demand for low-emission fuels remains limited, and questions about the climate benefits of renewable natural gas persist
Nevertheless, the oil & gas industry is making significant strides in transitioning to clean energy. Here are some key initiatives and developments in the same:
- The US leads in renewable energy adoption in the oil & gas industry, with the most patents, jobs, and deals, as reported by Offshore Technology
- Chevron is collaborating with Algonquin Power & Utilities Corporation on renewable energy projects and aims to invest $250 million by 2025, as reported by Forbes
- BP has expanded its supply agreement with Clean Energy Fuels to increase the supply of renewable natural gas (RNG) for Clean Energy's fueling infrastructure, as per Clean Energy's website.
