Politics

Solar estimated to have eliminated $78M in PHL fossil fuel spending

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SOLAR POWER helped do away with an estimated $78 million in Philippine spending on fossil fuels in the first half of 2022, with the potential to realize more in savings, three think tanks said in a report.

According to a report issued by Ember, the Centre for Research on Energy and Clean Air (CREA) and the Institute for Energy Economics and Financial Analysis, the Philippines, China, India, Japan, South Korea, Vietnam, and Thailand saved a combined $34 billion in fossil fuel spending in the first six months of the year.  

“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,” CREA’s Southeast Asia Analyst Isabella Suarez said in a report.

Solar accounted for only 2% of the power generated in the Philippines in the first six months, according to the report, but solar generation is also expected to grow at 22% each year until 2030 in China, India, the Philippines, Japan and Indonesia. — Ashley Erika O. Jose