Ali al-Naimi, the kingdom’s oil minister, said that Saudi Arabia could stop using fossil fuels as soon as 2040, the Financial Times reported.
Ali al-Naimi believes that the country is likely to become a “global power in solar and wind energy”. The kingdom aims to start exporting electricity instead of hydrocarbons.
However, there would be strong demand for fossil fuels for years to come owing to the fact that over 1 billion people still lack access to electricity, the minister made a comment.
Saudi Arabia holds the largest proven crude oil reserves totaling 260.2 billion barrels (nearly a quarter of the world's proven oil reserves).
