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Countries in Asia could save up to $44b in fuel costs as they pursue their 2030 solar capacity targets, a report found.
This is $10b more than the savings of seven Asian countries–China, India, Japan, South Korea, Vietnam, the Philippines, and Thailand– in the first half of 2022.
"In the last few months, reliance on imports of coal and gas has proven to be expensive and unreliable. Transition to renewable energy such as solar can help reduce the overall system costs and also reduce the burden to consumers by lowering tariffs,” Vibhuti Garg, Director, South Asia at the Institute for Energy Economics and Financial Analysis (IEEFA) said.
“For energy security and for economic reasons, it makes sense for India and the rest of Asia to redirect investments towards building the renewable energy ecosystem."
The report, conducted by IEEFA, Ember, and Centre for Research on Energy and Clean Air, noted that amongst the key challenge for solar expansion in the region is investments.
This refers particularly to investments in grid stabilisation and energy market reform which are vital in achieving solar capacity targets.
