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.

Hydrogen projects had been waiting for the rules, which determine what ventures are eligible for incentives under the 2022 Inflation Reduction Act.

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,