Metro Manila, Philippines – The Philippines avoided PHP4.5 billion in fuel costs, despite solar accounting for only 1.7% of energy generation, reports Ember Climate, a renewable energy advocacy group in Europe, in a jointly developed analysis with Centre for Research on Energy and Clean Air (CREA) and the Institute for Energy Economics and Financial Analysis (IEEFA) . Ember also recently issued a report which claims electricity from solar energy resources saved Europeans €29 billion this summer.
Solar generation helped avoid at least US$34 billion in seven Asian countries (China, India, Japan, South Korea, Vietnam, the Philippines, and Thailand) between January and June of 2022. The report said that while the increase in the solar capacity of the Philippines and Thailand is marginal, the avoided fuel cost is “still notable.”
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. 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. - Isabella Suarez, Southeast Asia Analyst, CREA
The global fossil fuel market has always been subject to volatility. After a period of relative stability, importing countries are now paying exorbitant prices to secure their energy supply. This highlights the dangers of continued reliance on fossil fuels. Renewables must be the cornerstone of cost-efficient, future resilient electricity systems. Given the region’s massive potential for solar, the growth of solar needs to be the priority in Asia’s energy transition and economic expansion.
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