🛫 CNX Resources and KeyState Energy hope to build a major hydrogen and sustainable aviation fuel plant on Pittsburgh International Airport property — but there's a big asterisk.
State of play: They announced a letter of intent to "advance" the $1.5 billion project but caution it depends on how the Treasury Department structures hydrogen tax credits in the 2022 climate law.
Why it matters: It underscores the high stakes of Treasury's looming decisions. Axios Pro's Jael Holzman recently reported that Fortescue's projects are in doubt, absent changes in renewables provisions in Treasury's draft plan.
What we're watching: CNX and KeyState are watching if the implementing rule "enables a pathway" for using "ultra-low carbon intensity fugitive coal mine methane" as a hydrogen feedstock. AP has more.
💵 Via the Financial Times,"Calpers, the US's biggest public pension plan, will pour more than $25bn into green-related private market investments, in one of the largest commitments by a major fund to unlisted climate assets."
