With a lucrative tax credit, the Biden administration is hoping to establish a new industry that might help fight climate change.

The Biden administration loosened some stringent safeguards on a tax credit worth billions of dollars for hydrogen production, after companies argued the rules would stifle domestic manufacturing of the fuel.

The Biden administration loosened some safeguards on a tax credit worth billions of dollars for production of so-called clean hydrogen, Bloomberg reported Friday. The tax credit created by the Inflation Reduction Act,

The Treasury Department finalized long-awaited tax guidance Friday for the production of “clean” hydrogen, a low-emissions energy source that could see federal support wane under President-elect Donald Trump.