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Saudi Arabia planning to invest in renewable energy and become a 'solar powerhouse' - 18th January

Solar

Saudi Arabia is planning to invest in renewable energy and become a 'solar powerhouse'. Saudi Arabia is one of the world's biggest oil producers, but has plans to invest $50bn in renewable energy.

The decison to invest in renewables comes after disappointing oil revenues and the Government becoming increasingly concerned that climate change is becoming a pressing problem.

Tenders for the major renewable energy projects will start being issued ''within weeks'' and ''would be worth between $30bn-$50bn'' says Khalid al-Falih, Oil Minister. 

Saudi Arabia wants to balance economic needs against environmental goals as it has considerable solar power potential and is eager to reduce its use of fossil fuels.

Read more here. 

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