Cogeneration is a win-win-win technology that has yet to begin to live up to its potential, added Minett, who believes that the Cogeneration Directive, though imperfect, will, in time, help its growth. How? Minett’s ‘reality check’ says: while there is a massive focus on renewables in European policy circles at the moment, fossil fuels will remain very important for decades yet; there is a drive to build new generating capacity; nuclear power is not the answer; end-use efficiency is difficult to deliver; and CHP is, therefore, the easiest way forward.

Climate change is the greatest market failure the world has seen. All countries will be affected, but the poorest will suffer earliest and most. And, while the effects of climate change could cost the equivalent of 20% of GDP per year or more, the cost of action to avoid the worst impacts can be limited to around 1% of global GDP each year. But we have to move fast.