On the sunny side of the world

Why is this not happening yet?

While oil-producing countries are lifting up prices, others are thinking of new ways to produce energy. In the worst case, like in England, they start using old ways to do it, like setting up coal factories again. Many countries, Finland in the front row, increase the usage of nuclear power. All of this sounds pretty crazy to me.

I don't understand why oil-producing countries, like Saudi-Arabia, don't develop high tech Sun energy. And wind energy plants. They have vast areas to put up high towers and Sun panels. It's hot there for the most part of the year, if not always. Now that they still have oil (it will end someday, you know), wouldn't it be an excellent idea to invest some of it in the future? They could easily cover the energy need of the whole world, thus making electricity cost much less than nowadays. This would prevent other countries which don't have the highest technology and the warmth of the Sun on their side from competing with them. The oil monopoly would change into energy monopoly.

This would guarantee riches to some of the poorest countries as well. This type of energy is something that never ends. When the need of energy were covered, it would be easier to work for a better and cleaner environment. And leave the rest of the oil for making of vinyl records, LOL!