Lundstrom bill catches governor’s eye
Gov. Michelle Lujan Grisham announced the introduction of a bill co-sponsored by Rep. Patricia Lundstrom, D- Gallup and Nathan Small, D-Las Cruces on Jan. 25.
Dubbed the “Hydrogen Hub Development Act,” House Bill 4 would expand the clean energy economy in New Mexico while lowering greenhouse gas emissions through incentivizing low-carbon hydrogen production and export.
It would:
Create tax incentives for low-carbon hydrogen production, distribution, use, refueling, and electric generating facilities across the state to further decarbonize our economy.
Offer the option to develop regional hydrogen hubs through the creation of public-private partnerships, including funding options through the New Mexico Finance Authority.
Prioritize the greatest tax incentives – both inside and outside a regional hydrogen hub – for negative-carbon intensity hydrogen.
Establish a greenhouse gas emission limit for any hydrogen electric generating facility seeking tax incentives.
Lundstrom said this bill would position New Mexico as a leader in the just transition to a clean economy.
“We cannot turn back the clock on climate change, but we can use every tool at our disposal to slow it down and mitigate its impacts,” she said.
Co-sponsor Small said the bill puts the state at the front of the line for federal funding and will bring new jobs and a healthier environment.
“The energy transition offers hope for a cleaner, stronger, and more prosperous New Mexico, but only if we work together, and HB 4 puts us on a path to do that,” he emphasized.
The Biden Administration plans to invest $8 billion to incentivize the development of four regional hydrogen hubs to produce and use low-carbon hydrogen in manufacturing, heating, and transportation.
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