Al-Naimi sees eventual end of fossil fuels

PARIS: Petroleum and Mineral Resources Minister Ali Al-Naimi said on Thursday the Kingdom envisaged the fact that fossil fuels could become unnecessary before the middle of the century and was investing in renewable energy for that reason.

“In Saudi Arabia, we recognize that eventually, one of these days, we are not going to need fossil fuels, I don’t know when, in 2040, 2050... so we have embarked on a program to develop solar energy,” he told the Business and Climate conference in Paris.
“Hopefully, one of these days, instead of exporting fossil fuels, we will be exporting gigawatts, electric ones. Does that sound good?” he asked, to applause in the audience.
He added that he still expected fossil fuels to dominate the world’s energy mix in the near future.
The minister said that technological improvements will eventually make solar economically competitive with fossil fuels, even with very low oil prices.
The Kingdom has invested in renewable energy like solar.
For now, many parts of the world, notably Asia and Africa, can’t develop solar energy and are still heavily dependent on fossil fuels, Al-Naimi said.
Al-Naimi, speaking on a panel at the conference, addressed questions about whether the world’s oil-and-gas companies should move on to other forms of energy in the face of climate change linked to human carbon emissions.
He said it wouldn’t make economic sense to make a dramatic move now.