Saudi Arabia: an unlikely ally in the march towards renewable energy | Molly Scott Cato... - 0 views
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If the 19th-century epitome of a futile economic transaction was carrying coals to Newcastle, then the 20th century equivalent might have been importing oil to Saudi Arabia. Rarely has a country been so spectacularly well endowed with a resource so fundamental to the functioning of the global economy in a particular era.
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How striking, therefore, to learn that the Saudi oil minister, Ali al-Naimi, is predicting that within just 25 years we could no longer need fossil fuels. This, from a representative of a country that has done more than most to block progress in climate negotiations.
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Al-Naimi believes that solar power will benefit the economy even more than fossil fuels. The evidence for this is that global investment in renewables jumped 16% in 2014, with solar attracting over half the total funding for the first time, driven by a 80% decline in manufacturing costs for solar in the last six years.
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Far from being a curse that concentrates power in the hands of an elite, renewables work most effectively when in community ownership. Energiewende (energy transformation) in Germany has shown this to be the case. Here, local ownership of renewables has provided a dramatic economic payback to investing communities.
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The end game of climate change was always going to be a tussle between the vested interests of the past, using the wealth and power of the fossil fuel era to defend their assets, and the visionary supporters of the new clean energy technologies. The powerhouse states of the fossil era look set to overtake us on the path to a renewable energy future, while we continue to live under a finance curse inflicted on us by a government deeply attached to the finance industry.