From Oil Exportation to investing in Clean Energy
by Antoine Favreau on February 22, 2018 - 5:10pm
The article I chose is about the will of Saudi Arabia, under Prince Mohammed bin Salman, to start investing money in solar energy to diversify economy and become a world power in clean energy. Even if Saudi Arabia is the world biggest exporter, they see potential in clean energy. The new solar farms soon in construction will create hundreds of jobs and will be able to provide electricity to around 40 000 homes. The country plans to invest 7 billion dollars in those farms by the end of the year.
Saudi Arabia has a lot of oil resources, but the climate is also great for solar and wind energy. The charms of these two technologies became more important because their cost dropped massively in recent years, not only for their installation, but for operating them. The cost of one kilowatt-hour will be valued around 2 to 3 cents, which is lower than the cost of energy produces by fossil fuel.
Moreover, Saudi Arabia will benefit even more from using renewable energy because they will be able to export the oil they were habitually using for their own purpose. However, they will still primarily use oil for the years coming, but the government affirm that when the country will be able comfortable with renewable energy, they will boost the production of those types of energy farms.
I think that what Saudi Arabia tries to do is a step in the right direction. Even if the main reason they are doing it is for economic reason, it will help the environment and stimulate economy at the same time. The use of fossil fuel is an environmental issue on the long term and for a big oil exporter like Saudi Arabia to start investing in clean energy could lead the way to other countries. In the article, there was not a clear issue discussed but the switch to clean energy from an important country like Saudi Arabia is an important step in the right direction.