Sharm Alsheikh, Egypt. Solar energy production helped seven Asian countries avoid about $34 billion ($47.6 billion) in potential fossil fuel costs in the first half of 2022, according to a new report.
A report released Thursday by Ember Environmental Research, the Center for Energy and Clean Air Studies and the Institute for Energy Economics and Financial Analysis showed that solar power is helping seven Asian countries meet their electricity needs amid the fossil fuel boom. price.
The seven countries are China, India, Japan, South Korea, Vietnam, the Philippines and Thailand. Fossil fuel savings in these countries equate to 9 percent of total fossil fuel costs between January and June.
China has the world's largest solar energy capacity, while Japan, India, South Korea and Vietnam are also among the world's top ten countries in terms of solar power generation.
China had only 1 GW of solar capacity in 2020, but increased its capacity to 307 GW by the end of 2021. It is expected to add between 75 GW and 90 GW of new solar capacity to its grid this year.
Expanding its solar capacity will allow China to meet 5% of its total electricity needs in the first half of 2022 while avoiding an additional $21 billion in coal and gas imports.
On the other hand, Vietnam generated about zero terawatts of solar energy in 2018, but it reached a point from January to June where solar energy accounted for 11 percent of electricity demand, equivalent to 14 terawatts. This allows the country to avoid an additional $1.7 billion in fossil fuel costs.
The report notes that while Vietnam has rapidly expanded its solar capacity, the power grid is unprepared for a sudden surge in solar power, which has led to a 30-40% decline in solar generation in some regions.
Although the situation has improved since then, investment in new solar energy has fallen sharply, mainly due to grid instability and persistent delays in the country's Eighth Energy Development Plan.
For example, international companies and industry are investing in solar energy to develop small grids to meet their clean energy needs.
Ahmed Shahram Idianto, electricity analyst at Ember Asia, said that Vietnam needs to orient the entire energy system towards clean energy policies and solar energy deployment needs to go beyond reducing the electricity deficit.
"His next energy development plan should rebuild the country's power system around clean energy, not just add some additional transmission lines to ease congestion in the grid," he added.
Asian countries provide billions of solar energy: study | African National Congress Party
