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Are the Oil Barons Panicking? Saudi Arabia to Spend $100 Billion on Renewable Energy

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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.

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