The future of the green hydrogen industry in the United States will become a bit clearer in the coming weeks. Comments on the proposed hydrogen tax credits in 26 USC 45V were due by February 26, 2024, and will be discussed at a public hearing scheduled for March 25, 2024. This hearing will provide the public a clearer prediction of 45V’s final form.
Solar energy and agricultural production often find themselves competitors. Both have strong incentives to expand, and they share a key input: land. Solar developers continue ramping up solar installation worldwide to meet heightened clean energy targets aimed at combating climate change, while agribusiness faces pressure to expand food production to support a growing population. Because solar development and crop production thrive under similar land conditions, namely, large, contiguous parcels of traditionally agricultural land, the two industries often find themselves competing for space.
Agrivoltaics aims to transform this competition into synergy: farming operations and solar development can coexist and reap benefits by sharing land. These arrangements are called agrivoltaic systems, and their widespread implementation can help popularize solar energy in agriculture-dependent communities hesitant to welcome solar development.
ESG and Renewable Energy
As corporations experience increased pressure from shareholders, consumers, employees, and the federal government to adopt Environmental, Social, and Governance (“ESG”) goals, many are procuring renewable energy as one way of meeting environmental targets. In 2022, more than 96% of S&P 500 companies published an ESG or other formal sustainability report.[1] In addition to voluntary goals and initiatives, the Securities and Exchange Commission is in the process of finalizing enhanced and standardized climate and ESG disclosure requirements for publicly traded corporations. As a result, corporate renewable energy power procurement is expected to account for nearly 40% of the projected utility-scale wind and solar project growth through 2023 and 2024 in the United States.[2]