The squeeze on conventional energy supplies has been one of the most serious consequences of Vladimir Putin’s war on Ukraine for the rest of the world. And although it would be rather crass to label it a ‘silver lining’, an unintended outcome of this seems to be the acceleration of the low-carbon economy.

Trader Trafigura’s decarbonisation lead said as much this week during a New York Climate Week event. Rasmus Bach Nielsen believes the transition to low carbon has been brought forward “by five to 10 years” because of the pressure that has been brought to bear on politicians stemming from the energy crisis.