Halting global warming, although conventional in its wisdom, is still leaving some economists cold. In particular, reducing the use of fossil fuels sets off alarm bells with labour economists around the world who believe that it will have a devastating effect on the global economy.

However, a recent report from Barclays Capital claims that the need to increase energy capacity by 50 per cent by 2035, while simultaneously reducing dependence on hydrocarbons, will spark an "energy revolution" reminiscent of the technology revolution which led to the dot.com boom.

"If ever the time were ripe for such an energy revolution, it is now," said Tim Bond, global head of asset allocation at Barclays Capital, and author of the report.

"And like all historical adoptions of general purpose technologies, the process should prove immensely stimulative to economic growth." Mr Bond says that those who couch the climate change debate in terms of the cost to growth are underestimating the impact of an energy revolution.