And still globally the fraction of renewables in electricity gen, and even primary energy consumption (counting renewable elec gen as "primary"), remains pretty steadfast at the levels of the 1990s. The basic reason is that they're subsidising electricity, making it cheaper and people ( and I count both final consumers and intermediate producers as "people") are using more of it. The only meaningful hiatuses in the growth of demand was the major recessions in 2008 and 2020, but consumption largely bounced back after those.
Savings are not totally pointless, but reducing prices of something does tend to increase consumption, and erode a notable amount (but granted probably not all) of savings. The earth's human economy is largely set up to extract and use resources, give it more resources and it grows and extracts and uses more. We're not going to let large amounts of cheap (or subsidised) resources sit there and go unexploited.
Adding new generation capacity has some similarity to adding a new lane to a busy highway. Induced demand.
From a Europe/EEC point of view It has been major restriction on coal generation (LCPD, IED, and to a minimal extent the EU-ETS) - that has reduced coal use in generation. Renewables doesn't directly drive out fossil fuel gen , I think it has to be regulated out. Same will be with transport, if you don't ban petrol, and just subsidise electric transport, there'll be more trips you wont reduce petrol consumption. And even if you could ban petrol in cars, someone somewhere will start finding a way to use all that cheap fuel for something. The only saving grace for transport is that electric mass transit is way more efficient , than personal transport, and at least China knows what its doing on that front. But I'd be very worried for the planet as more and more people in India continue to start getting cars - I think they'll easily become a market for any petrol saved by EVs elsewhere..