Solar With Firming Now Beating Gas In Asia, & EVs Could Save Region $350 Billion A Year
AI-summarised brief · reviewed before publication
A new report from Ember highlights the potential for solar energy and electric vehicles to transform Asia's energy landscape. The report estimates that Asia could save $350 billion a year on oil imports by electrifying its fleets, with savings projected to reach $110 billion by 2035 and $350 billion by 2050. Solar with firming, which combines solar power with battery storage, can now undercut most new gas power capacity in Asia, with costs below $100/megawatt-hour in most of the region. This shift could enhance energy security and reduce dependence on fossil fuel imports.
💡 Why It Matters
- · Electrifying transport and switching to renewable energy would reduce Asia's import dependence, keeping hundreds of billions of dollars within local economies.
- · Asia's domestic manufacturing capacity and low electricity prices position it well to supply its own clean energy future.