Growth in renewable energy shows no signs of slowing, even though fossil fuel prices have plummeted. Here’s why.
According to data released yesterday by Bloomberg New Energy Finance, a record $329 billion was invested in clean energy worldwide in 2015. Last year was also the strongest ever for installations of renewable energy capacity, with 64 gigawatts of wind and 57 gigawatts of solar power commissioned. Given the relentless plunge in oil prices, now flirting with $30 a barrel, that seems counterintuitive: conventional wisdom says that cheap fossil fuels inhibit the growth of renewables.
