The oil market volatility is unlikely to have a significant impact on renewable energy plans and investments, the Director General of the International Renewable Energy Agency (IRENA) said.

Francesco La Camera in a press statement released on Saturday said that, "oil plays a negligible role in power generation and therefore does not compete with renewables in this respect. Renewables have become the dominant source of new power generation capacity over the last six years because they are competitive at the bottom end of the conventional fossil fuel power generation cost range - primarily with coal".