Oil prices might be very low, but that’s not going to take away from investments in renewable energy.
That’s at least the consensus from Citigroup, the latest investment researcher to say clean energy won’t be slowed by cheap oil, Bloomberg reported Monday. Deutsche Bank and Goldman Sachs have also predicted that the oil price slump won’t affect renewable energy growth.
There’s a simple reason for this: Oil and renewables aren’t really in competition. Oil powers cars and heaters, and renewable energy — by and large — powers the electricity grid. (As we get more electric cars, transportation could increasingly rely on renewable energy, but we’re still pretty far from widespread electric car adoption.)