Renewable Energy Isn't About to Doom Oil

For hydrocarbon doomsayers, there's good news and bad news. In 2015, there were record investments in renewable energy, and record capacity was added, much of it in emerging economies. Yet despite the huge investment, the global share of fossil fuels is not shrinking very fast. Renewables such as wind, solar and geothermal still account for a tiny share of energy production, and there are factors that may inhibit their growth in the next few years.

REN21, the international renewable energy association backed by the United Nations Environment Program, has summarized impressive developments in the sector in 2015. Total investment in renewable power and fuels reached $285.9 billion, an all-time record, and renewable power capacity, including hydropower, increased by 148 gigawatts -- another record -- to 1.8 terawatts. For the sixth consecutive year, investment in new renewable capacity was higher than in hydrocarbon-burning power plants.