As low oil prices eat into country’s $600 billion sovereign wealth fund, state energy giant starts work on radical transition towards renewables

By Ed King

Saudi Arabia’s state oil company is exploring investments of up to $5 billion in renewable energy, according to a news report on Monday.

HSBC, JP Morgan Chase and Credit Suisse are among the banks vying to help the oil-rich Kingdom start its transition towards a low carbon future.

“First investments under the plan could occur this year,” reported Bloomberg, which broke the news that Riyadh planned to diversify away from oil and gas back in 2015.

Current Saudi clean energy targets include 10 gigawatts from wind, nuclear and solar by 2023. By 2030 the government wants to secure 30% of power from low carbon sources.