Cheap Oil Unlikely to Slow Growth of Renewables, Citigroup Says
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Cheap oil will do “little to derail” the long-term growth of renewable power, according to Citigroup Inc.
Oil generates about 5 percent of global electricity and doesn’t generally compete directly with wind and solar power, Citigroup researchers wrote in a report Monday. Only 11 countries get more than 20 percent of their electricity from oil, mainly in the Middle East and the Caribbean.