I do not normally celebrate when I hear someone had a gun to their head, but it was good to hear bankers use that phrase in regard to environmental issues.

Shreyas Chipalkatty, global head of shipping and logistics at Citigroup, told a Marine Money Week conference that the old banking rules were null and void for him.

“We have a gun to our head right now in terms of the lending imperative,” he explained with reference to the Poseidon Principles that demand decarbonisation be a key part of any borrowings.