Fossil fuels have been taking a lot of heat. Last week, a report from the IMF renewed attention on the hidden costs of dirty power sources: an estimated $5tn in 2013. Coal is a major culprit. Post-tax costs — from the impact on health, for instance — could be as much as 4 per cent of global GDP.

Governments have been trying to address this problem. Last year, China and the US struck a deal to reduce carbon emissions by 2030. China is investing heavily in renewable energy generating capacity, with nearly a third of 2014 net additions coming from wind and solar, according to CLSA.

Profiting from the shift has not been easy. Early leaders in wind and solar equipment have faced overcapacity — much of it in China — installed in a rush to profit from (mostly European) governments’ subsidies to encourage renewables. Hong Kong-listed Hanergy (under investigation by regulators) wants to cut costs through expansion in solar film. Last week, US-listed Yingli Green, a solar-panel maker, became the latest casualty as its auditors questioned its viability as a going concern. Shares in wind turbine makers such as Hong Kong-listed China High Speed Transmission Equipment have had a slow recovery after slumping early this decade.