Saudi Arabia, home to the world's second largest proven oil reserves, has plans to generate 100 percent of its power from renewable sources and low-carbon forms of energy, according to top spokesman Prince Turki Al Faisal Al Saud.
At the moment, nearly all of the country's energy comes from fossil fuels—two thirds from oil and the rest from natural gas. Now, the kingdom is looking into renewable energy options, particularly solar. Rather than continuing to burn its vast oil reserves, Saudi Arabia will use oil to create other products.
“Oil is more precious for us underground than as a fuel source. If we can get to the point where we can replace fossil fuels and use oil to produce other products that are useful, that would be very good for the world," the prince said. "I wish that may be in my lifetime, but I don't think it will be.”
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Although it may take decades, the move offers some insight into how other oil producing nations could continue to profit from their oil reserves by extending their lifetime, even as it fades as the dominant method of powering cars.