India saved over USD 4 bn in fuel costs through solar power from Jan to June: Report
New Delhi (PTI): India saved USD 4.2 billion in fuel costs through solar generation in the first half of 2022 and 19.4 million tonnes of coal that would have further stressed an already strained domestic supply, according to a new report released on Thursday.
The report by energy think tank Ember, the Centre for Research on Energy and Clean Air and the Institute for Energy Economics and Financial Analysis also analysed the growth of solar power over the last decade and found that five of the top 10 economies with solar capacity are now within Asia, including China, Japan, India, South Korea and Vietnam.
The contribution of solar generation in seven key Asian countries -- China, India, Japan, South Korea, Vietnam, the Philippines and Thailand -- avoided potential fossil fuel costs of approximately USD 34 billion from January to June 2022, the report said.
This is equivalent to 9 percent of total fossil fuel costs during this period, it added.
"In India, solar generation avoided USD 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 that would have further stressed an already strained domestic supply," the report stated.
The report finds that the majority of the estimated USD 34 billion savings are in China, where solar met 5 percent of the total electricity demand and avoided around USD 21 billion in additional coal and gas imports during the period.
Japan saw the second-highest impact, with USD 5.6 billion in avoided fuel costs thanks to solar power generation alone.
Vietnam's solar power avoided USD 1.7 billion in additional fossil fuel costs, a sizable growth from nearly zero terawatt hours of solar generation in 2018. In 2022, solar accounted for 11 percent (14 TWh) of the electricity demand from January to June.
In Thailand and the Philippines, where the growth in solar has been slower, the avoided fuel cost is still notable, the report said.
While solar only accounted for 2 percent of Thailand's electricity in the first six months of 2022, an estimated USD 209 million of potential fossil fuel costs were avoided, it added.
The Philippines avoided USD 78 million in fossil fuel spending, despite solar accounting for only 1 percent of generation.
In South Korea, solar power generated 5 percent of the country's electricity in the first half of the year, avoiding potential fossil fuel use costing USD 1.5 billion, as per the report.
CREA's Southeast Asia Analyst Isabella Suarez said, Asian countries need to tap into their massive solar potential to rapidly transition away from costly and highly-polluting fossil fuels. The potential savings from existing solar alone are enormous, and expediting their deployment alongside other clean energy sources such as wind, will be crucial for energy security in the region. While ambitious targets are important, follow through will be the key thing to watch moving forward.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Stalin claims DMK secured 1.54 crore votes
Chennai (PTI): DMK president M K Stalin on Tuesday, in a veiled reference to the TVK, claimed that the party that won additional constituencies has gained only 17.43 lakh more votes than the DMK.
He was referring to the April 23 Assembly polls where the DMK and its allies secured 74 seats, with the Dravidian party netting 59 constituencies.
In a statement, Stalin said, "the percentage difference in votes between us and them is just 3.52 per cent," in an apparent reference to the Vijay-led Tamilaga Vettri Kahzagam emerged victorious in the polls, the results of which were announced on Monday.
Claiming that the DMK alliance has secured 1.54 crore votes, Stalin said, "I consider each and every one of your votes as an invaluable token of trust".
Stating that DMK has been in power several times, he said "there is no victory we have not seen and there is no defeat we have not faced".
"Whether in victory or defeat, those who regard them equally and continue their journey toward their ideals are the comrades of the party", he said adding "you are the lifeblood and roots of the movement".
"The harvest of 1.54 crore votes is the fruit of your commitment", he said.
"What return can I offer for your hard work? With the feeling of being the chief worker, we will continue our journey," the DMK chief added.
Stalin said "if we are the ruling party, we will formulate schemes for the people. If we are the opposition party, we will fight for the people's demands. In that regard, now as a strong opposition party, we will continue to work for the people".
Asserting that the DMK will continue the journey of taking forward the policies of the century-old great Dravidian movement, protecting race, language, and nation, the DMK leader said "in our journey, I will not leave anyone behind. We will win again".
