The US Inflation Reduction Act is poised to kickstart a global hydrogen revolution. Among the bill’s many climate-focused provisions are tax credits that will make American green hydrogen the cheapest H2 in the world, as low as US$0.73 per kilogram (2.2 lb).

Dirty “gray” hydrogen, produced using coal and/or natural gas, currently retails for around US$1-$2 per kilogram, according to KPMG. From the same report, “green” hydrogen – produced with zero emissions using renewable energy, water and electrolyzers – costs between $2.50-$6.