  The adiabatic connection fluctuation-dissipation theorem with the random
phase approximation (RPA) has recently been applied with success to obtain
correlation energies of a variety of chemical and solid state systems. The main
merit of this approach is the improved description of dispersive forces while
chemical bond strengths and absolute correlation energies are systematically
underestimated. In this work we extend the RPA by including a parameter-free
renormalized version of the adiabatic local density (ALDA) exchange-correlation
kernel. The renormalization consists of a (local) truncation of the ALDA kernel
for wave vectors $q>2k_F$, which is found to yield excellent results for the
homogeneous electron gas. In addition, the kernel significantly improves both
the absolute correlation energies and atomization energies of small molecules
over RPA and ALDA. The renormalization can be straightforwardly applied to
other adiabatic local kernels.
