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Oil Rich Kingdom Turns to Solar to Calm Energy Concerns

Looking to the future as demand for energy increases and oil reserves decrease, Saudi Arabia has made huge strides towards solar energy. Prince Turki bin Saud Bin Mohammad Al Saud is pushing solar from within state-run entities and companies to achieve a greater level of energy security for the country.

According to Bloomberg New Energy Finance, while Saudi Arabia currently has a capacity of less than 50 megawatts of solar power-only 0.1 percent of German solar energy capacity-this new push from within the government coupled with competitive solar energy prices will act as the catalyst for solar-power development, propelling them forward to become a leader in the field of solar technology.

While this shift in national energy consumption is a step in the right direction for the environment, this factor was not the main concern for the Saudis as they continue to push forward with plans to invest in solar panels and other solar technology, according to Jeffrey Ball of The Atlantic.

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Saudi Arabia’s interest in solar technology is grounded in economic security. An investment in solar energy for the use of the citizens of Saudi Arabia is the best option for Saudi Arabia to continue to be a global oil power in the world. Reports have shown that domestic consumption of oil could begin to affect the country’s oil exports within the next decade, causing the country’s leaders to lose the revenue necessary to maintain control of their citizens through their “ruling bargain” system.

According to Bloomberg Business, Saudi oil minister Ali al-Naimi has even gotten behind the RTCC Climate Change News, Padmanathan stated at a Conference in Barcelona “there will come a time when we have enough capacity for exports…the minute we start looking across a broader mix of countries we can start looking at time zone differences.” Working closely with the Saudi government, ACWA Power under leadership of Padmanathan promised to provide solar power at 5.98 cents per kilowatt hour, one of the lowest prices in the world, to show support for nation-wide solar energy initiatives.

Saudi Arabia experiences some of the most intense sunlight in the world. An investment in solar technology is a good option to address its impending crisis and could lead to the emergence of a new global leader of solar technology in the near future.

Jun 26th 2015

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