India saved USD 4.2 billion in gasoline prices by means of photo voltaic technology within the first half of 2022 and 19.4 million tonnes of coal that may have additional confused an already strained home provide, in accordance with a brand new report launched on Thursday.
The report by vitality assume tank Ember, the Centre for Analysis on Power and Clear Air and the Institute for Power Economics and Monetary Evaluation additionally analysed the expansion of solar energy during the last decade and located that 5 of the highest 10 economies with photo voltaic capability are actually inside Asia, together with China, Japan, India, South Korea and Vietnam.
The contribution of photo voltaic technology in seven key Asian international locations — China, India, Japan, South Korea, Vietnam, the Philippines and Thailand — averted potential fossil gasoline prices of roughly USD 34 billion from January to June 2022, the report mentioned.
That is equal to 9 p.c of whole fossil gasoline prices throughout this era, it added.
“In India, photo voltaic technology averted USD 4.2 billion in gasoline prices within the first half of the 12 months. It additionally averted the necessity for 19.4 million tonnes of coal that may have additional confused an already strained home provide,” the report acknowledged.
The report finds that almost all of the estimated USD 34 billion financial savings are in China, the place photo voltaic met 5 p.c of the full electrical energy demand and averted round USD 21 billion in further coal and gasoline imports through the interval.
Japan noticed the second-highest impression, with USD 5.6 billion in averted gasoline prices due to solar energy technology alone.
Vietnam’s solar energy averted USD 1.7 billion in further fossil gasoline prices, a large progress from practically zero terawatt hours of photo voltaic technology in 2018. In 2022, photo voltaic accounted for 11 p.c (14 TWh) of the electrical energy demand from January to June.
In Thailand and the Philippines, the place the expansion in photo voltaic has been slower, the averted gasoline price continues to be notable, the report mentioned.
Whereas photo voltaic solely accounted for two p.c of Thailand’s electrical energy within the first six months of 2022, an estimated USD 209 million of potential fossil gasoline prices had been averted, it added.
The Philippines averted USD 78 million in fossil gasoline spending, regardless of photo voltaic accounting for just one p.c of technology.
In South Korea, solar energy generated 5 p.c of the nation’s electrical energy within the first half of the 12 months, avoiding potential fossil gasoline use costing USD 1.5 billion, as per the report.
CREA’s Southeast Asia Analyst Isabella Suarez mentioned, “Asian international locations must faucet into their huge photo voltaic potential to quickly transition away from expensive and highly-polluting fossil fuels. The potential financial savings from present photo voltaic alone are huge, and expediting their deployment alongside different clear vitality sources akin to wind, shall be essential for vitality safety within the area. Whereas bold targets are essential, comply with by means of would be the key factor to observe transferring ahead.”