Solar energy helped India save over 4 billion {dollars} in gas prices within the first 6 months of 2022: Report

A report launched on Thursday said that India saved $4.2 billion in gas prices through solar energy technology within the first half of 2022, in addition to 19.4 million tonnes of coal which might have additional strained home provide.

The report, revealed by the vitality assume tank Ember, the Centre for Research on Energy and Clean Air (CREA), and the Institute for Energy Economics and Financial Analysis, additionally examined the enlargement of solar energy over the past decade, discovering that 5 of the highest ten economies with photo voltaic capability at the moment are positioned in Asia, together with India, China, Japan, Vietnam, and South Korea.

According to the report, the contribution of solar energy technology in seven key Asian international locations – India, China, Japan, South Korea, Vietnam, the Philippines, and Thailand – saved round $34 billion in potential fossil gas prices from January to June 2022.

Image credit score: EMBER Twitter (@/emberclimate)

This equates to 9% of whole fossil gas prices throughout this time interval, in accordance with the report.

“Solar energy saved India $4.2 billion in fuel costs in the first half of the year. It also avoided the need for 19.4 million tonnes of coal, which would have put additional strain on an already overstressed domestic supply,” the report said.

The majority of the estimated $34 billion financial savings are present in China, the place photo voltaic met 5% of whole electrical energy demand and prevented roughly $21 billion in additional coal and gasoline imports through the interval.

Japan had the second-largest affect, saving $5.6 billion in gas prices as a result of solar energy technology alone.

Vietnam’s photo voltaic vitality saved $1.7 billion in further fossil gas prices, which is a big enhance from practically zero terawatt hours of photo voltaic technology in 2018. From January to June 2022, photo voltaic accounted for 11% (14 TWh) of whole electrical energy demand.

The prevented gas value continues to be vital in Thailand and the Philippines, the place photo voltaic development has been slower, in accordance with the report. Solar energy generated 5% of the nation’s electrical energy within the first half of the 12 months, saving USD 1.5 billion in potential fossil gas use.

According to Isabella Suarez, CREA’s Southeast Asia Analyst, Asian international locations should capitalise on their super photo voltaic potential so as to quickly make the shift from costly and polluting fossil fuels.

According to Vibhuti Garg, Director, South Asia on the Institute for Energy Economics and Financial Analysis, dependence on coal and gasoline imports in current months has confirmed to be expensive and unreliable.

“Transitioning to renewable energy, such as solar, can help reduce overall system costs while also alleviating consumer burden by lowering tariffs. It makes economic and energy sense for India and the rest of Asia to redirect investments toward building the renewable energy ecosystem,” Garg said.

According to Aditya Lolla, Senior Electricity Policy Analyst at EMBER, India’s current solar energy push has not solely improved its vitality safety however has additionally well-positioned its energy sector to embark on a photo voltaic revolution.

“As the new draft National Electricity Plan suggests, India appears to be very bullish on solar power growth over the next ten years. So it seems very apparent that solar power will finally ramp up in India in the 2020s, kicking off India’s coal phasedown journey,” he asserted.

Notably, PM Modi who in October designated Gujarat’s Modhera because the nation’s first absolutely solar-powered village has repeatedly pressured the importance of solar energy which additionally displays in his insurance policies.

On October 30, PM Modi in his well-liked Mann Ki Baat program, stated “Solar energy is the boon of the Sun God. Solar energy is a subject today, in which the whole world is looking at its future and for India, the Lord Sun has been at the centre of not only prayers but also the way of life for centuries. Today, India is connecting its traditional experiences with modern science, which is why today we have become one of the largest countries making electricity from solar energy. How solar energy is changing the lives of the poor and middle class of our country is also a case study.”