President Donald Trump is trying to revive the coal industry and extend the lifespan of the oil business. But renewables like solar and wind power are still likely to thrive.

By withdrawing the United States from the 2015 Paris climate accord, Trump has made the United States the only advanced economy that lacks a commitment to curb carbon emissions caused by the burning of fossil fuels. But many energy analysts think coal is doomed anyway, because businesses and governments are shifting rapidly toward cleaner-burning fuels that are coming down in price. Oil has a longer shelf life, due to its use as a transportation fuel, but will still most likely decline as alternatives like battery-powered electric vehicles become cheaper and more efficient.

While most of the press attention focuses on energy policies formed in Washington and other capitals, an arguably more important shift has been going on among investors who think renewable energy sources—especially solar and wind—are now viable investments likely to pay respectable returns.

“The consensus among asset managers is that prices are coming down and this is a technology play,” says Matthew Weatherley-White, managing director of investing firm the Caprock Group. “There’s a lot of smart money here.”

That distinction as a technology play is important, especially with regard to solar. That means cost is likely to decline indefinitely as usage increases, the same pattern consumers have gotten used to from microprocessors that get smaller, faster and better, even as the price drops. The famed “Moore’s Law”—the doubling of processing power roughly every 18 months—doesn’t necessarily apply to energy technology, but the general principle does. As the technology catches on, scale ratchets up, prices come down and capability improves.

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Battery technology, which is essential for electric vehicles, is also improving, though perhaps at a slower pace than solar panels. Wind power follows a different paradigm, with larger blades being more efficient, but also more expensive. Yet all of these technologies have scaling advantages over commodities such as oil and coal, which by definition become more scarce, and more expensive, as consumption reduces supply. Fracking has changed the equation for oil, to some extent, because it has increased supply. But there’s still a cost to pulling it out of the ground.

The development of renewable energy has been subsidized by governments in the United States and other countries, and even by state and local policies, such as tax credits for electric vehicles and access to high-occupancy lanes for anybody with a car that meets stringent emission standards. And there are two important tax breaks Congress passed in 2015 that Trump doesn’t seem so bothered by—one for solar, and one for wind and other renewables. Before 2015, Congress had traditionally extended those incentives for just one year at a time, leaving investors unsure of their long-term benefit. But the 2015 law put them in place for 5 years, giving investors a stronger incentive to bet on renewables.