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Shares in CATL, BYD and Sungrow, which produce batteries and energy storage equipment, have outperformed global oil majors such as Chevron, ExxonMobil and BP since the war began.

The surge in clean energy shares illustrates how China and other oil importers may respond to the war by investing more in renewables in order to boost their energy security.

Neil Beveridge, who leads Bernstein’s energy research, expects China, the world’s biggest oil importer, to double down on its plan to “electrify everything”. Other large Asian economies, including Japan, South Korea and Taiwan, may also seek out clean energy and fuels.

“This totally changes the whole energy paradigm,” he said, adding: “Even if the war ends next month . . . there is no going back.”