https://www.iea.org/about/structure/platform/

http://publications.jrc.ec.europa.eu/repository/bitstream/JRC109894/cost_development_of_low_carbon_energy_technologies_v2.2_final_online.pdf

http://www.caets.org/File.aspx?id=11261

Article ‘Impact of Lower Oil Prices on Renewable Energy Technologies’

https://www.eeinstitute.org/european-review-of-energy-market/EREM%208%20P.%20Linares%20-%20I.%20Perez-Arriaga.pdf

https://www.cfr.org/report/oil-prices-low-carbon-energy-and-climate-policy

Dear Hussen Salam,

I can share some of my thoughts on your question and I hope it helps you in some way.

First of all, I have a feeling that it is the petroleum prices that have a decisive impact on the amount of investment going into low-carbon energy technologies and not the other way round. I shall try to explain.

For an alternative source of energy (low-carbon) to replace crude oil, the price of oil should be higher than its low-carbon alternative. You should realise that low-carbon technologies involve very huge capital investments, and for this very reason, such alternatives should be sold at a reasonably high prices. Now, unless the crude oil prices rise to an extent that it is higher than the low-carbon alternatives, such sources of energy would remain less attractive from both the investor as well as consumer point of view.

One can even wonder whether the crude oil prices are kept so low as a part of the geopolitical games to keep competition away. But may be in the near future, the damage caused by oil on the environment will force oil to get a higher price and subsequently renewable energy sources will be able to enter market more rapidly.

The continued advancement in the use of different renewable-energy sources such as hydroelectric, wind, and solar energies, as well as the expansion of hybrid and all-electric vehicles, and the adoption of meausres to reduce the negative impact on the environment and population, among other, could reduce further the use of oil and coal for electricity generation and the use of oil in the transport sector. The IEA estimates that by 2035, renewable-energy sources will account for almost one-third of total electricity output. In this case, the price of oil will be influenced by this new situation, and its role in the electricity generation sector will be lowermduring the coming years than it is today

Directionally it will help but barring an unforeseen breakthrough Petroleum demand and prices are likely to continue to increase for the next 40 years. There will probably be some periods of time when prices go down but the trend will be up.