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Saudi Arabia Plans for Fossil-Free World

Energy
Saudi Arabia Plans for Fossil-Free World

Saudi Arabia is planning for the end of a global economy based on oil by developing the world’s largest sovereign wealth fund, Deputy Crown Prince Mohammed bin Salman said in an interview.

Mohammed Bin Salman, Saudi Arabia's Deputy Crown Prince, interviewed in Riyadh, Saudi Arabia, on March 30. Photo credit: Saudi Arabia's Royal Court

The world’s largest oil exporter will partly finance the fund by selling shares of Saudi Aramco, the leading global oil producing company.

“Within 20 years, we will be an economy or state that doesn’t depend mainly on oil,” the prince said. The fund would be worth an estimated $2 trillion.

For a deeper dive:

News: New York Times, Bloomberg, Climate Home, The Guardian, US News & World Report 

Commentary: Grist, Clayton Aldern column

For more climate change and clean energy news, you can follow Climate Nexus on Twitter and Facebook, and sign up for daily Hot News.

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