The world's largest oil exporting country is considering an end to the use of fossil fuels by the middle of the century.

Saudi Arabia's oil minister, Ali al-Naimi, says the kingdom plans to become a "global power in solar and wind energy" with a goal of exporting electricity instead of oil as early as 2040.

"The statement represents a stunning admission by a nation whose wealth, power and outsize influence in the world are predicated on its vast reserves of crude oil," reports the Financial Times.

"In Saudi Arabia, we recognize that eventually, one of these days, we are not going to need fossil fuels. I don't know when, in 2040, 2050 or thereafter."

(READ the full Financial Times story at CNBC) – Photo by dsearls, CC