A high price of oil makes it profitable to sell oil.
A market-based acceleration in renewables energy use requires well funded energy companies to pivot. High priced oil doesn't get them to do that. Low priced oil doesn't either, but a sharp drop in oil prices can.
It doesn't cause a shift into renewables. The providers along that pipeline might simply be fucked. The regional and global rate just stays more attractive to the more vertically integrated players.
A market-based acceleration in renewables energy use requires well funded energy companies to pivot. High priced oil doesn't get them to do that. Low priced oil doesn't either, but a sharp drop in oil prices can.
Some other incentive is still necessary.