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Clean hydrogen could help fight climate change, but it barely exists today. Now the administration wants to build an entire industry from scratch.

After more than a year of evaluating competing proposals, the Biden administration has picked the parts of the country where it hopes to turn billions of dollars of federal investment into the seeds of a clean hydrogen economy. On Friday, the Department of Energy announced the selection of seven “clean hydrogen hubs” — sets of projects that promise to combine big investments in low-carbon hydrogen production with big investments in preparing industries to use that hydrogen to reduce their carbon

President Joe Biden is set this week to announce as much as $7 billion in funding for hydrogen projects across the country as part of a competition to jump-start production of the clean-burning fuel in the U.S.

(Bloomberg) -- President Joe Biden is set this week to announce as much as $7 billion in funding for hydrogen projects across the country as part of a competition to jump-start production of the clean-burning fuel in the US, according to people familiar with the matter.Most Read from BloombergIsrael Latest: Netanyahu Details Horror, Blinken Heads to IsraelIsrael Latest: Israeli Death Toll in Hamas Attack Reaches 1,200Wall Street Brushes Off Hot PPI as Stocks Advance: Markets WrapIMF Caught Off G

In an interview, David Crane, undersecretary for infrastructure, said the initiative should help industries that are "cautious" about hydrogen.