These investments in a rival source of energy isn't a threat to the world's biggest oil exporter, Al-Falih said. "In the interim, ample and reliable energy sources like oil and gas will need to be made available or (the world will) risk chaos".
Saudi Arabia's renewable power target is less than a third of Crown Prince Mohammed Bin Salman's vision for a 200 gigawatt capacity buildup by 2030.
"We've already exported gas on a commercial basis to the UAE so more of this interconnection in energy is going to take place and, importantly, also in trading of knowhow in technology and development with renewables", al-Falih was quoted as saying.
It said the rapid rise of renewables is being driven by new technologies and falling costs, making them ever more competitive against fossil fuels.
Saudi Arabia, which has said it is implementing a deal with Japan's Softbank to develop solar power, wants to boost its power generation from renewables and cleaner gas-fired plants.
The desert kingdom aims to develop about 60 gigawatts (GW) of renewable energy capacity in the next 10 years, including 40 GW of photovoltaic solar power, three GW of concentrated solar power and 16 GW of wind power the minister said.
21 dead, dozens injured after pipeline explosion in Mexico
Another pipeline burst into flames in the neighbouring state of Queretaro, but the Mexican army reported that no one was hurt. Additional footage showed the pipeline gushing a fountain of fuel earlier in the day and people moving in with containers.
This strategy will help the Kingdom save up to two million barrels of oil daily by 2030, he added, without providing details on the expected costs of the program.
The Public Investment Fund will be responsible for developing 70 percent of the kingdom's renewable power capacity, Saudi Energy Minister Khalid Al-Falih said in a speech in Abu Dhabi.
The Saudi-led Organization of the Petroleum Exporting Countries and Russian Federation agreed last month to cut their combined oil output by 1.2 million barrels per day (bpd) to support a sluggish oil market.
"We expect that energy efficiency efforts combined with energy price reforms would reduce our local energy consumption by 1.5 to 2 million barrels of oil equivalent per day by 2030 compared to a business-as-usual scenario", he told the Abu Dhabi Sustainability Week in capital of the United Arab Emirates.
Falih said he is confident that "within the next few weeks" the market conditions will return to normal and confidence will be restored.
"But there is always a lagtime between the (decision to) cut production and the impact reaching the market", he said. "I am telling you that if it is not, we will meet and see what is enough and we will do it", Mazrouei said in late December.
Pep Guardiola has admitted he previously spied on opponents before games when he was the manager of Barcelona and Bayern Munich . Goalkeeper Kiko Casilla has joined Leeds United from Real Madrid on a four-and-a-half-year deal.
Paris Saint-Germain are in negotiations to sign Leandro Paredes from Zenit Saint Petersburg, Sky Sports News understands. Paredes was a target for Chelsea as they look for a replacement for Cesc Fabregas , who recently moved to AS Monaco .
The new Wuhan factory will have a capacity of 150,000 cars per year but the said documents didn't reveal a date for its opening. The Wuhan Development Zone did not respond to Reuters' request for comment.
Mieux, sa mère et agent continue même de négocier avec d'autres écuries intéressées par le profil du milieu relayeur français. Sous contrat jusqu'en juin prochain, le joueur a décidé de ne pas prolonger son bail avec le PSG .
The Canadian government has not confirmed the information, and Bibeau said only that it is not ruling out any possibilities. She said Canada is appalled and deeply saddened by Woodman's death, condemning those responsible for the crime.
The extended Pongal holiday ensured the Siurthai Siva-directorial to pull the audience to theatres on weekdays. Please note that these are estimated numbers collected from the various sources and not the official numbers .
The area has been evacuated and firefighters are on the scene, according to a tweet by the town of Villeurbanne. The university said multiple explosions were heard and that they were "caused by renovation work".
Australian Open: Raonic beat former champion Wawrinka
Women's singles fourth seed Naomi Osaka thrashed Tamara Zidansek 6-2, 6-4, to advance to the third round of the Australian Open . Raonic fired down 39 aces compared to Swiss Wawrinka's 28, while he topped the winners column 84-66 en route to the next round.