India Saved 4.2 Billion With Solar Energy

India saved USD 4.2 billion in fuel costs through solar power generation in the first half of 2021, and 19.4 million tons of coal which would have further stressed an already strained domestic supply, according to a report released on Thursday. The vast majority of the estimated USD 34 billion savings are in China, where solar met 5% of the total electricity demand and avoided around USD 21 billion in additional coal and gas imports during the period. After China, Japan saw the second-highest impact with USD 2.2 billion in savings, followed by the United States with USD 2 billion.

India was ranked fifth globally with savings of USD 4.2 billion. New Delhi, November 8, 2021: A new report by the Council on Renewable Energy and Energy Efficiency (CREEE) has found that solar power generation has already had a major impact on fossil fuel use in Asia, helping to save more than USD 21 billion in the region. Solar growth has been slower in Thailand and the Philippines but the fossil fuel cost is high, with USD 209 million and USD 78 million, respectively.

Additionally, South Korea’s electricity was produced by solar energy 5 percent of the time. CREEE’s report says that Asia is leading the way in renewable energy, with almost half of all installed capacity globally. Solar power has grown by 80 percent in the last five years and is projected to continue this trend. The report states that renewable energy will play an increasingly important role in Asia’s energy mix, contributing more than 20 percent of total electricity generation by 2030.

The report also highlights the key challenges for renewable energy development, including grid integration and storage. It says: “While solar power can provide electricity during daylight hours, it is not available at night and requires storage systems that are still under development.” India has seen a lot of achievements in the solar energy sector in the last few years, with a slew of policy initiatives and schemes launched to promote renewable energy. In fact, according to the latest official figures, India has added more than 10 GW of solar power capacity in the last three years alone. The country is on track to achieve its target of adding 100 GW of solar capacity by 2022.