India saved over $4 billion in fuel costs with solar power from January to June: report

India saved $4.2 billion in fuel costs from solar generation in the first half of 2022 and 19.4 million tonnes of coal, which would have further accentuated an already tight domestic supply, according to a new report released. Thursday.

The report by energy think tank Ember, the Center for Research on Energy and Clean Air, and the Institute for Energy Economics and Financial Analysis also analyzed the growth of solar power over the past decade and found that five of the top 10 economies with solar capacity are now in Asia, including China, Japan, India, South Korea and Vietnam.

The contribution of solar generation in seven key Asian countries – China, India, Japan, South Korea, Vietnam, the Philippines and Thailand – has avoided potential fossil fuel costs of around $34 billion. dollars from January to June 2022, according to the report.

This equates to 9% of the total cost of fossil fuels over that period, he added.

“In India, solar power generation saved $4.2 billion in fuel costs in the first half of the year. It also avoided the need for 19.4 million tonnes of coal, which would have further accentuated an already tight domestic supply,” the report said.

The report finds that the majority of the estimated savings of $34 billion are in China, where solar power has met 5% of total electricity demand and avoided about $21 billion in additional coal imports and of gas during the period.

Japan recorded the second largest impact, with $5.6 billion in fuel costs avoided through solar power generation alone.

Vietnam’s solar power avoided $1.7 billion in additional fossil fuel costs, a huge growth from nearly zero terawatt hours of solar generation in 2018. In 2022, solar accounted for 11% (14 TWh) electricity demand from January to June.

In Thailand and the Philippines, where solar power growth has been slower, avoided fuel costs are still notable, according to the report.

While solar power accounted for just 2% of Thailand’s electricity in the first six months of 2022, about $209 million in potential fossil fuel costs were avoided, he added.

The Philippines has avoided $78 million in fossil fuel spending, despite solar power accounting for just 1% of production.

In South Korea, solar power generated 5% of the country’s electricity in the first half of the year, avoiding the potential use of fossil fuels costing $1.5 billion, according to the report.

Isabella Suarez, Southeast Asia Analyst at CREA, said: “Asian countries need to harness their enormous solar potential to rapidly move away from expensive and highly polluting fossil fuels. The potential savings from existing solar alone are enormous, and accelerating their deployment alongside other clean energy sources such as wind will be crucial for energy security in the region. While ambitious goals are important, tracking them will be the key to moving forward. PTI GVS AQS AQS

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)