The announcement by Deputy Crown Prince Mohammed bin Salman of Saudi Arabia sent tremors through global energy markets. He said that the desert kingdom – the world’s biggest oil exporter – would, within 20 years, no longer be dependent on oil revenues and plans to use an estimated US$2 trillion in assets to diversify the country’s economy and invest in companies and projects around the globe. Great news, say the renewable energy specialists. Now is the time for Saudi Arabia – for years, one of the countries most opposed to any serious global action on tackling climate change – to use its massive financial resources to invest in renewable energy, and in particular solar. “In 2016, the Kingdom of Saudi Arabia has a major opportunity to develop a new industry,” says Jeremy Leggett, a leading solar specialist, in an article written for Saudi’s national finance daily, Al Eqtissadaih.
Climate News Network 13th April 2016 read more »