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Why Low Oil Prices Won’t Stop The Growth Of Renewable Energy

Clean energy is in greater competition with natural gas than oil. Can we make it the cheapest and best energy source in BC?

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Tuesday, March 31, 2015
Samantha Page
Think Progress
Wyoming windmills
Wyoming windmills

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.)

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