The hydrogen tax credit plan was announced by the Biden administration

US President Joe Biden’s administration on Thursday proposed a new tax credit for hydrogen production. It’s estimated that the credit will deliver $140 billion in revenue and 700,000 jobs by 2030. The credit will help the US produce about 50 million metric tonnes of hydrogen by 2050, it added. However, several environmental groups have criticised the proposal, calling it a “corporate giveaway”.