"ExxonMobil CEO Urges IRA Tax Credits to Make Green Hydrogen Competitive"

ExxonMobil and Aramco CEOs expressed skepticism about the affordability of green hydrogen as a replacement for fossil fuels, citing high costs and a lack of willingness to pay for emissions reduction. They emphasized the need for significant government incentives and long-term offtake agreements to make renewable hydrogen financially viable, and criticized the current energy transition strategy as failing. Additionally, Exxon stated it would not produce blue hydrogen without changes to proposed guidelines for accessing hydrogen production tax credits, raising questions about the eligibility of blue hydrogen for subsidies.