Together with Ember and the Institute for Energy Economics and Financial Analysis (IEEFA), we looked at how solar generation allowed seven Asian countries to avoid billions of dollars in fossil fuel costs in the first half of 2022, amidst soaring gas and coal prices in 2022. The report highlights:
- US$34 billion of fossil fuel costs avoided. The contribution of solar generation in seven key Asian countries – China, India, Japan, South Korea, Viet Nam, the Philippines and Thailand – avoided potential fossil fuel costs of approximately US$34 billion from January to June 2022. This is equal to 9% of total fossil fuel costs these countries incurred over the same period in 2022.
- Five Asian countries among top ten solar powered economies globally. A decade ago, only two countries in Asia made it to the list, while European countries dominated the top of the global solar capacity ranking. Since then, India, Viet Nam and South Korea have joined the top ten.
- Solar capacity is likely to grow at 22% per year. Solar power is expected to experience exponential growth at an average annual growth rate of 22% until 2030 across 5 key Asian economies (China, India, the Philippines, Japan and Indonesia).
Asia’s growing energy demand has often been framed through the lens of its coal, gas or nuclear dependence, but solar power is growing rapidly across the region. Over the last decade China, India, South Korea, Viet Nam and Japan have significantly increased the share of solar power in their respective energy mixes.
Meeting the current targets for solar capacity in 2030 could enable the seven countries to avoid at least US$44 billion in fuel costs — US$10 billion more than the first half of this year.
Realising these goals will require grid stabilisation, innovative policy reforms to unlock investments and collaboration with the private sector. However, it is clear that solar power is set to play a considerable role in Asia’s energy story over the next decade.
PRESS RELEASE || Media Contact: Isabella Suarez, email@example.com