Saudi Arabia to Target Solar Power in $100 Billion Energy Plan
Bloomberg reports Saudi Arabia, with 20 percent of the world’s oil reserves, is targeting renewable energy and nuclear power in a $100 billion spending drive aimed at meeting a jump in electricity demand and curbing its dependence on crude. The kingdom sees solar power and other non-hydrocarbon sources as crucial parts of a plan to boost generating capacity by 50 percent in this decade. Persian Gulf oil producers need to produce more electricity to sustain a regional economic growth rate averaging about 10 percent a year. At the same time, countries in the region are hungry for new ways to generate power because they prefer exporting crude to maximize income and allocating natural gas to make petrochemicals.