Oil prices have been falling rapidly. Low oil prices are good for consumers, but they come with long-term economic costs. We can't count on them staying low. History has shown us the only thing certain about oil prices is that they're inherently uncertain. Large swings in oil prices are normal, inaccurate predictions common. This volatility affects the prices of other fossil fuels such as coal and natural gas, which harms the entire energy sector. It hampers economic growth by hurting jobs and reducing investment. So what's the alternative that is good for long-term economic growth? Renewable energy. With renewables there is no volatility to worry about. The cost keeps going down and the market keeps growing. The price of solar electricity has declined by almost 60% since 2009. In a growing number of markets, solar energy is now competitive with traditional fossil fuels even without subsidies. Global wind capacity has grown by 230% since 2009. Today's wind turbines can generate 100 times more power than 30 years ago. Renewables are not just smart for the economy, they're smart for the climate as well. They reduce health costs of air pollution and climate impacts of burning fossil fuels. So what should we do while oil prices remain low? First, government should phase out their massive fossil fuel subsidies. These subsidies cost 600 billion in 2013 alone. 27 countries are already seizing the opportunity to reform their subsidies. Second, government should introduce carbon pricing. 40 countries already have carbon taxes or trading systems and 26 more are considering them. By shifting to renewable energy, we can have better growth and a better climate. 2015 is a year to ramp up renewables and shift to low carbon energy. We can grow the economy and combat climate change at the same time. Find out more in the new Climate Economy Report.