Fortescue slams Biden administration’s green hydrogen tax rules
Fortescue says the proposed design of the Biden administration’s green incentives scheme could triple the cost of low-carbon hydrogen projects and stifle growth in the sector, warning that developers will reduce the size of their plans in response.
The iron ore group has an ambitious strategy to become a major force in hydrogen and renewable energy, and has previously outlined plans to build a $US550 million ($857 million) green hydrogen project in Arizona. Its criticisms of the draft tax credit eligibility rules come ahead of Fortescue’s quarterly financial update on Wednesday, when it is expected to outline whether they will force changes to the Arizona plant.
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