Covid is changing carbon consumption

In particular, hydrogen holds much promise in the long-haul heavy goods vehicle segment where it has two key advantages over battery-powered electric trucks, namely lower weight leading to longer range and rapid refuelling time.

As long-haul transport typically moves along the main road arteries, hydrogen requires far fewer refuelling stations compared to more localised transport, such as cars.

The choices that we make now and in the next few years will shape the global economy for decades to come. Rather than seeing the Covid-19 crisis as a distraction from the climate change challenge, we should use it to move from acknowledgment to action.

Eoin Murray is head of investment at the international business of Federated Hermes