Ann: Share Purchase Plan Documentation, page-52

Green steel sharply cuts carbon emissions by using clean hydrogen to power a refining process called direct reduced iron. But it costs 30 per cent more to produce, the kiss of death for a commodity product. Similarly, using ships powered by green methanol adds $1 to the cost of an iPad or 50¢ to a pair of Nike sneakers.

For all their talk of sustainability, most companies still shy away from big increases to their expenses. And the few that are trying to do the right thing are openly gambling that governments will make it worth their while.

“It’s an existential question,” says Simon Bergulf, regulatory director of shipping group Maersk, which ordered eight green methanol ships in August. “If we don’t have the measures in place that create a level playing field ... companies like Maersk that are taking a risk at the beginning are not being rewarded.”

The pressure is on governments to set carbon prices and other environmental standards. Otherwise we are doomed to another flood of long-dated pledges and near-pointless gimmicks.