Oil Companies Are Collapsing, but Wind and Solar Energy Keep Growing

The renewable-energy market is expected to keep growing, though more slowly, in contrast to fossil fuel companies, which have been hammered by low oil and gas prices.

A few years ago, the kind of double-digit drop in oil and gas prices the world is experiencing now -because of the coronavirus pandemic- might have increased the use of fossil fuels and hurt renewable energy sources like wind and solar farms. That is not happening today.

In fact, renewable energy sources are set to account for nearly 21 percent of the electricity the United States uses for the first time this year, up from about 18 percent last year and 10 percent in 2010, according to one forecast published last week. And while work on some solar and wind projects has been delayed by the outbreak of the pandemic, industry executives and analysts expect the renewable business to continue growing in 2020 and next year, even as oil, gas and coal companies struggle financially or seek bankruptcy protection.

Source: The New York Times