The report jointly developed by energy think-tank Ember and the Centre for Research on Energy and Clean Air (CREA) stated that seven key Asian countries, including ChinaIndia, and Japan, avoided potential fossil fuel costs of $34 billion from Jan to June 2022.

The seven countries are China, India, Japan, South Korea, Vietnam, the Philippines and Thailand.

The report also analysed the growth of solar power over the last decade, finding that five of the top ten economies with solar capacity are now within Asia, including China, Japan, India, South Korea and Vietnam.

A decade ago, only two countries in Asia made it to the list, while European countries dominated the top of the global solar capacity ranking. Since then, India, Vietnam and South Korea have joined the top ten.

In India, solar generation avoided $4.2bn 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.

While China, which began the decade with only 1GW of solar power in 2010, has increased this capacity to 307GW by the end of 2021, including a record installation of 53GW of new solar power that year.

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