A Wall Street Journal article published Aug. 18 suggests that clean hydrogen and other alternative fuel efforts are losing steam.
The article notes that several petrochemical companies, including Shell, BP and Chevron, are scaling back their alternative-energy projects, while many companies in the transportation sector are doing the same.
As the WSJ article notes:
The failures and delays are all but extinguishing the early optimism after the climate law passed. Rising costs have pushed out project timelines and made it more difficult for companies to raise money. The government’s delays in completing tax credits are adding to the challenges.
WSJ climate reporter Amrith Ramkumar refers to failed clean-fuel projects as “money pits” because of the “great amounts of power they need” along with significant investment they require.
The article noted that some of the hurdles include the slow rollout of tax credits and increasing regulatory burdens, which are squeezing budgets.
Access the full WSJ article (subscription required) here.
