Falling oil prices could have a negative impact on global efforts to develop renewable energy sources.
A conference in Abu Dhabi has revealed that oil prices have fallen by almost 60 percent since June, creating worry about global over supply and weak demand in a faltering world economy.
Participants in the International Renewable Energy Agency (IRENA) in the United Arab Emirates (UAE) said the trend could doom plans to shift to clean energy. This is due to high prices previously encouraging clean energy as a more affordable and sustainable source.
This was the case two decades ago when the fall of oil prices was the main reason for the collapse of renewable energy projects in the 1980’s.
Renewable energy projects such as solar, wind and other sources are essential for meeting global CO2 emission targets.