We’ve mentioned before about the huge movement overseas towards a renewable energy future and this includes the home of one-fifth of the world’s proven oil reserves — Saudi Arabia. For many, Saudi Arabia symbolises opulent oil wealth, a desert kingdom so awash in the black stuff that fortunes are measured in billions not millions.
All presided over by the astute al-Saud clan.
Which brings us neatly to this week’s rant. The latest Saudi Arabia solar power project is part of a massive $US100 billion investment in solar energy which will deliver an estimated 41 GW of renewable energy by 2032. According to this 21/1/2014 SMH article, Saudi company Abdul Latif Jameel has teamed up with Spain’s Fotowatio Renewable Ventures in a three-year venture to build solar power plants worth $US130 million each in the desert kingdom and the Gulf region.
This prompts the question: have the oil sheikhs seen the renewable writing on the wall? Or is there one hell of a peak oil crisis on its way, perhaps a lot earlier than we think?
Currently Raging Debates: