Tumbling oil prices look set to hit electric cars and biofuels harder than other parts of the green power industry, the head of the world’s leading renewable energy agency has warned.
That is because they compete directly with rivals such as petrol-fuelled cars that are becoming cheaper to run as oil prices fall.
But wind farms, solar plants and other renewable electricity generators should not be affected by the price plunge because they do not face anything like the same level of competition, said Adnan Amin, director-general of the International Renewable Energy Agency, Irena, an intergovernmental body based in Abu Dhabi.
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