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Seven Asian countries were able to save billions of dollars in fossil fuel costs in the first half of the year through solar power generation.
In a report, it was found that China, India, Japan, South Korea, Vietnam, the Philippines, and Thailand were able to avoid some US$34b of potential fossil fuel costs from January to June 2022.
This accounted for 9% of the total fossil fuel cost over the said period.
“Asian countries have shown that rapid solar deployment is possible, setting a remarkable example and providing valuable lessons learned for their peers in the region,” Ember’s Asia Electricity Analyst Achmed Shahram Edianto said.
“As the prices of solar and storage plummet, and the potential cost savings have started to materialise, solar dominance in Asia now looks to come much sooner than previously expected.”
Of the seven countries, China accounted for the largest share in savings. The market saw 5% of its total electricity demand met by solar power. This translated to about US$21b worth of savings.
The report was conducted by Ember, the Centre for Research on Energy and Clean Air and the Institute for Energy Economics and Financial Analysis.
