The Coronavirus-spurred collapse in the global oil markets will not cause a major set-back in renewable energy capital spending but may impact on demand for electrical vehicles, the head of the International Renewable Energy Agency (Irena), Francesco La Camera, has said.
Cruce price volatility, the Irena director-general said, could instead provide a “window of opportunity” to channel fossil fuel subsidies towards clean-energy projects, while offering a means of lessening the likelihood of social disruption.
“Oil plays a negligible role in power generation and therefore does not compete with renewables in this respect,” said La Camera, in a statement.
