Francesco Starace, speaking at the FT Energy Transformation Strategies event on Beyond Fossil Fuels, said there had been a “decoupling” of oil and renewables, and that they are following completely different pricing trends.

“There is a continuous wave of new ways of producing energy, with the main change being that it is happening faster and faster,” he said. “In many ways the only surprise is the speed at which this change is happening.”

He said renewables costs are coming down quickly because of "a huge technology boom.