Saudi Arabia doesn’t want to be dependent on crude oil alone anymore. Recently the country announced that it wants to do a major investment in solar and nuclear energy, but also in other renewable green energy sources.
According to Bloomberg the nation wants to invest over 100 billion dollar in the development of alternative energy sources. This investment will be spread over ten years. Compared to for example China, who invested over 54 billion dollar last year alone in renewable energy, it is not that much.
Saudi Arabia has approximately twenty percent of the total oil stock of the world. However, this stock wouldn’t be sufficient to constantly supply huge nations like the US with fuel. According to WikiLeaks oil stocks in the Gulf of Mexico won’t be able to meet up to demand in the year 2015.
Saudi Arabia’s plan to invest in renewable energy confirms the need of new energy sources. The nation will begin building a solar park that will deliver 3,5 MW a year. The nation will be getting over 20% of their energy out of renewable energy sources in the year 2030 if all goes well.