The need for investment into the world’s energy infrastructure is a challenge on the scale of the Apollo space programme or the electrification of the US, according to John Krenickie, the chief executive of General Electric’s energy business. “I don’t think that anyone was asking ‘what was the internal rate of return on that in four years’ time?’” he says. “And that is what is on the table here.”

His assessment is far from disinterested, of course, because GE Energy, which has sales of $19bn a year, would hope to pick up a large share of that Apollo mission-scale expenditure. But his views are widely shared across the industry. There is little disagreement that there is a vast investment need. The question is whether businesses and governments can fill it.