The end of cheap oil is inevitable and it’s clear that at least one oil-producing nation gets that. Unlike Canada, which seemingly wants to destroy half a province, Saudi Arabia (with the second-largest oil reserves) is looking to invest a lot of money into fossil-fuel-free energy. Saudi Arabia wants it’s domestic energy consumption to eventually be 100% renewable so this $109 billion investment is proof they are on their way there. Hopefully other countries that export oil like Canada and Venezuela will take inspiration and learn about the future of energy from Saudi Arabia.
Saudi Arabia, world’s largest oil exporter, aims to meet one-third of its energy demands by using renewable energy by 2032, setting aside a budget of $109 billion for achieving the goal.
The issue will also top the agenda at the upcoming third annual Solar Arabia Summit to be held in Riyadh from September 29-30.
Here, international and regional renewable energy experts, will discuss the key challenges faced by the Kingdom in the area and steps towards overcoming them.