Saudi Arabia, the nation ranked as one of the world's top crude oil exporters, has launched a $50 billion initiative to phase out fossil fuels in favor of renewably energy.

The initiative will not only be economically beneficial for the nation's residents, but will also help steer Saudi Arabia's main federal income away from crude oil as well as help the country meet worldwide sustainable energy goals.

"This marks the starting point of a long and sustained program of renewable energy deployment in Saudi Arabia that will not only diversify our power mix but also catalyze economic development," Khalid Al-Falih, the nation's energy minister, said in the statement.

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