Exxon CEO Says Hydrogen Project at Risk Without IRA Tax Credits
- Texas plant would make hydrogen from gas and capture carbon
- Woods calls on Biden administration to back IRA ‘principles’
Darren Woods
Photographer: F. Carter Smith/BloombergThis article is for subscribers only.
Exxon Mobil Corp. won’t move forward with one of the world’s largest, low-carbon hydrogen projects if the Biden administration withholds tax incentives for natural gas-fed facilities, Chief Executive Officer Darren Woods said during an interview.
Under the current guidelines, incentives are earmarked for projects that produce so-called “green” hydrogen by using water and renewable energy. But Exxon believes it can produce “blue” hydrogen from gas by trapping carbon emissions. As a result, the company asserts it proposed Houston-area facility ought to qualify for tax credits under the Inflation Reduction Act, Woods said at the CERAWeek by S&P Global conference on Monday.