India saved USD 4.2 billion in fuel expenses from January to June 2022 and 19.4 million tonnes of coal that would have affected an already taxed domestic supply in the future, says a report released on November 10.
The Center for Research on Energy and Clean Air (CREA) and the Institute for Energy Economics and Financial Analysis both published reports on the growth of solar power over the past ten years. They found that the top 10 economies with solar capacity are Asian, and the countries include China, Japan, India, South Korea, and Vietnam.
Adopting Renewable Sources
CREA's Southeast Asia Analyst Isabella Suarez stated, "Asia needs to take advantage of its vast solar potential if it wants to quickly transition away from expensive, highly polluting fossil fuels. Existing solar alone has huge cost-saving potential, so accelerating their adoption alongside other renewable sources like the wind will be essential for the region's energy security. Ambitious goals are essential, but the most important thing to watch in the future is follow-through."
According to The Economic Times, seven Asian nations used solar energy to save $34 billion in the year's second half. These nations include Thailand, the Philippines, Vietnam, China, India, Japan, and South Korea
Solar Power Generation In Asia
While China tops the list with USD 21 billion, the second-highest impact was seen in Japan with USD 5.6 billion, and Vietnam stands with USD 1.7 billion in saving fuel costs due to solar power generation alone.
Solar growth has been slower in Thailand and the Philippines, but the fossil fuel cost is still high, with USD 209 million and USD 78 million, respectively. Additionally, South Korea's electricity was produced by solar energy for 5 per cent of the total, saving the nation USD 1.5 billion in potential fossil fuel costs.
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