Solar Energy : According to research released today, India saved $4.2 billion in fuel expenses and avoided an additional 19.4 million tonne (mt) of coal in the first half of the year. As per the paper, the contribution of solar energy in seven Asian countries – China, India, Japan, South Korea, Vietnam, the Philippines, and Thailand – saved nearly $34 billion in fossil fuel expenses from January to June 2022.
According to the analysis published by energy think tank Ember, India has been battling high coal prices, which is one of the key contributors to the continuing power crisis. However, the country managed to save $4.2 billion in fuel costs during the studied period, as well as avoid the consumption of an additional 19.4 mt, which may have added to the country’s already constrained domestic energy supply.
According to the report, as many countries continue to alter their energy development plans, commodity market instability and record-breaking fuel costs affecting the price of electricity worldwide must serve as a caution against ongoing reliance on fossil fuels. As per research, this must be converted into more ambitious solar deployments that capitalize on the region’s vast solar potential.
According to the analysis, solar on the grid is already making a significant contribution to satisfying electricity demand. Assuming that solar replaced the most expensive fossil-based electricity (coal, gas, or oil), the think tank found that the contribution of solar generation in seven Asian countries – China, India, Japan, South Korea, Vietnam, the Philippines, and Thailand – saved approximately $34 billion in fossil fuel costs from January to June 2022.
According to the paper, the majority of these predicted savings occurred in China, where solar met 5% of total electricity demand and avoided about $21 billion in fossil fuel imports from January to June 2022.
According to the report, Japan experienced the second largest contribution with $5.6 billion in avoided fuel expenses due to solar power generation alone, which reached record levels for the country in May this year.
In other countries
According to the report, Vietnam’s solar power saved $1.7 billion in potential fossil fuel expenses, and the country’s solar generation was near zero Terawatt-hour (TWh) in 2018. According to the research, solar will account for 11% (14 TWh) of electricity demand from January to June 2022.
The reduced fuel cost is still significant in Thailand and the Philippines, where solar growth has been slower, according to the research tank in a paper. While solar accounted for only 2% of Thailand’s electricity in the first six months of 2022, it saved an estimated $209 million in potential fossil fuel costs.
Similarly, despite solar accounting for only 1.7% of generation, the Philippines saved $78 million in fuel expenses, according to the report. In South Korea, solar had a 5% generation share in the first half of the year, saving $1.5 billion in potential fossil fuel use.
According to the research tank, solar power provides the cheapest electricity in history in several regions. Also. the relevance of diverse and domestic renewable energy has only grown in the aftermath of skyrocketing fossil fuel costs. According to the paper, the consequence of continuing to rely on expensive fossil fuels is seen in the supply shortages and rising electricity costs that many countries are experiencing now.
Renewable energy increased from 20% to 28% of worldwide electricity supply between 2011 and 2021. Fossil energy fell from 68% to 62%, and nuclear energy fell from 12% to 10%. Hydropower’s proportion fell from 16% to 15%, while solar and wind power climbed from 2% to 10%.
Biomass and geothermal energy increased from 2% to 3% of total energy use. Also. there are 3,146 gigatonnes of installed renewable energy capacity in 135 nations, with 156 countries having legislation governing the renewable energy sector.
Over 10 million jobs are involved with renewable energy companies worldwide, with solar photovoltaics being the largest renewable employer. Renewable energy systems are fast becoming more efficient and less expensive, and their percentage of overall energy consumption is growing, with renewable energy accounting for the vast majority of newly added electrical capacity worldwide. Further in most nations, photovoltaic solar or onshore wind is the most cost-effective new-build energy sources.
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