265Directionality in Innovation Policy and the Ongoing Failure of Green. . .

continuing their efforts but chose to do so anyway, for the simple reason that they could obtain public grants for doing so. Hence, the presence of a multitude of different public funds for different purposes creates an environment in which organizations effectively become immune to risk.

We argue that a similar form of distortion, albeit on a larger scale, has been created by the EU Green Deal and that the Hybrit case constitutes an alarming illustration of this pattern. Investments are huge, and the technological risks regarding steel production using hydrogen and the storage of hydrogen are considerable. Positive effects on the environment are questionable, and the indirect effects on the Swedish economy must not be underestimated, bearing in mind the risks of an