The Inflation Reduction Act is now the law, and it will kick in $369 billion for 21st Century energy and climate projects - ones that will benefit the hydrogen economy and domestic wind turbine and solar panel production. - Forbes

Renewable energy is the recipe for green hydrogen. It produces no pollution, only steam. In its Hydrogen Economy Outlook, Bloomberg New Energy Finance says that green hydrogen could supply 24% of the world’s energy demands by 2050 while cutting CO2 levels by 34%. Ramping up clean energy production helps the United States get to net zero.

With the passage of the Act, we expect a boom for our electrolyzer and green hydrogen business. All applications that use grey hydrogen today, such as fertilizer manufacturing, will now be able to buy green hydrogen at a competitive price.

Andrew Marsh, chief executive of Plug PowerPLUG -1.6%, said in a conference call

Natural gas reforming today makes 99% of hydrogen, referred to as grey hydrogen. The goal, though, is to create it from renewables using electrolysis.

While market forces are making headway, they are not enough to hold back climate adversity. The International Renewable Energy Agency says that electricity costs from onshore wind has fallen by 15% while offshore wind has dropped by 13%. Meantime, rooftop solar PV has declined by 13%, all since 2020. That’s why renewables have supplied 80% of the installed electric generation capacity in four years.

A Director-General Francesco La Camera told this writer that renewable energy is saving money: about $55 billion worldwide compared to the current price of fossil fuels. He said that globally we need to triple the investments in renewables — from the existing installed base of 260 gigawatts to more than 800 gigawatts by 2030. That would create 85 million new jobs. Right now, green energy makes up 14% of the global energy portfolio.