“We know that pumping oil out of the ground does not create many jobs. It does not foster an entrepreneurial spirit, nor does it sharpen critical faculties.” Saudi Arabia’s Oil Minister Ali Al-Naimi (Saudi Arabia are launching their biggest ever renewable energy installations)
Well yes, +Chris Wood , they recognise that theirs is a finite product but also that they have a lot of solar energy available to them on a fairly stable basis and so are gearing up for the next generation of energy production. Seems a sensible move to me.
It's dawned on them that they use a huge quantity of oil domestically that they could sell for $100+ a barrel, they have quite a lot of sunshine and the cost of turning it into electricity is falling. Simple economics plus some nice chat about sharpening critical faculties.
+John E That's how it should work, countries profiting from their natural resources :) There are energy losses when sending electricity long distances though, so there is still incentive to produce locally.