Senator Carper Raises Hydrogen Tax Credit with Secretary Yellen

Today at the Senate Finance Committee hearing “The President’s Fiscal Year 2025 Budget,” U.S. Senator Tom Carper (D-Del.) heard from U.S. Department of the Treasury Secretary Janet Yellen about the President’s budget proposal for Fiscal Year 2025. During the hearing, Senator Carper emphasized the role that the Treasury Department plays in implementing tax credits like the Inflation Reduction Act’s clean hydrogen tax credit (45V).

Senator Carper, lead author of the 45V provision, highlighted the importance of clean hydrogen in meeting our nation’s emissions targets and decarbonizing industrial processes. He also urged Secretary Yellen to issue final guidance on 45V that maximizes support for clean hydrogen hubs:

“Last year was the hottest year on record. And, we know what’s causing it: it’s too much carbon […] which leads to global warming. […] Senator Wyden and I helped write […] a provision called 45V for hydrogen, and the idea is to produce more hydrogen to help us decarbonize our economy. […] We’re [also] creating these hydrogen hubs around the country to create a lot of hydrogen to help meet our needs. We can use hydrogen for cars, trucks, vans, airplanes, all kinds of stuff, [and] we can use it for producing electricity, [and] for manufacturing operations. […] We just want to make sure at the end of the day that we have the guidance from Treasury to enable [this progress].”

A video of Senator Carper’s questions at today’s hearing can be found here.