Ariel Schwartz at Fast Company reports that “[…] Saudi Arabia, the world’s largest oil exporter, may not be panicking quite yet about its ever-declining oil supply–but the country is certainly concerned. Consider: in February, a Wikileaks document revealed that Saudi Arabia might be overstating its oil reserves by 300 billion barrels, and the country recently asked for a slice of the UN’s $100 billion climate change fund to help diversify to other energy sources (a galling request from such a wealthy country so dependent on other people not diversifying to other energy sources). And now the kingdom has announced that it plans to spend $100 billion on solar, nuclear, and other renewable energy sources. They haven’t announced over what time period they will spend it, but that’s a lot of cash. Private investments in Chinese renewable energy projects equalled$54.4 billion last year, which was the highest of any country.[…]” (full article here).
I think that despite concerns on oil ending up, moving to renewable energies is a wise move. Is not the problem of having easy access to oil, but rather to think of the future of the planet and ensure an effort to reduce emissions.
On the “simple” economic side, in the more or less near future, oil will be less available, increasing costs. Going renewable ensures Saudi Arabia a future predominant position in energy also when oil will end.
This post as a comment also here.