Addressing current inflation levels through green energy technologies and techniques: recent developments

The US Inflation Reduction Act 2022, was signed into law in August 2022. It aims amongst other objectives, “to lower energy costs for families and small businesses, accelerate private investment in clean energy solutions in every sector of the economy – as well as nationally, strengthen supply chains, and create good paying jobs and new economic opportunities for workers.” According to the section, “Investing in Clean Hydrogen”, as provided for in the Inflation Reduction Act Guidebook (2023: see page 74 of 184), “Clean hydrogen constitutes a major component of President Biden’s plan to decarbonize the industrial sector. As well as providing $9.5 billion for clean hydrogen initiatives, through the Bipartisan Infrastructure Law, $1 billion was also set aside for a “Clean Hydrogen Electrolysis program”, to reduce the cost of hydrogen produced from clean electricity.” Further, $500 million was committed towards “Clean Hydrogen Manufacturing and Recycling/Initiatives” aimed at supporting equipment manufacturing and strong domestic supply chains for clean hydrogen. Having experienced inflationary levels at unprecedented record highs – globally, in recent months, the possible impacts of recent accommodative monetary policies will be considered in this paper. The paper will aim to highlight why addressing current inflation levels – and particularly through green energy techniques and technologies – which incorporate and embrace the use of green hydrogen, constitute a much welcomed approach in addressing current inflationary levels.