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India saved $4.2 billion in fuel costs through solar power: Report
An amount of USD 4.2 billion has been saved by India in fuel costs through solar power generation in the first half of 2022, and 19.4 million tonnes of coal which would have further stressed an already strained domestic supply, news agency PTI quoted a report released on Thursday. The new report was released by the energy think tank Ember, the Centre for Research on Energy and Clean Air, and the Institute for Energy Economics and Financial Analysis. Seven key Asian countries, including 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, which is equivalent to 9% of total fossil fuel costs during this period, as per the latest report quoted by PTI. It also finds that the 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. In 2022, solar accounted for 11% (14 TWh) of the electricity demand from January to June. In South Korea, solar power generated 5% of the country's electricity in the first half of the year, avoiding potential fossil fuel use costing USD 1.5 billion. Source - MINT #india #solarpower
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