High interest rates 'hurt renewables more than oil and gas, slowing energy transition'

Renewables are being hit harder than the deep pocketed oil and gas sector by higher interest rates, making green power more expensive and the energy transition even harder, according to a new Wood MacKenzie report.

The higher cost of borrowing hurts renewables and other naceant technologies more than the fossil fuels and mining sectors, which are less reliant on debt, according to new analysis released by the consultancy.