Just replacing the H2 made from natural gas and coal with green H2 would require 143% of all the wind and solar installed globally to date. Add shipping, steel and energy storage, and it would require five times all the existing wind and solar installations – and that is before decarbonising the electricity supply or hydrogen use in heating and road transport.

The liquidity crisis of the UK gilts markets has put at risk the government initiative to use pension funds to drive economic the transition to a low-carbon economy. The UK approved a new type “long-term asset fund” for investments in illiquid assets from investors such as pension funds, but their capacity to be buyers of illiquid assets has now taken a blow.