The Latest | UN Climate Summit

Seven Asian countries have saved approximately $34 billion this year by using solar energy instead of fossil fuels, a report by three Asia-based climate think tanks said Thursday

The Latest on the United Nations climate summit in Sharm el-Sheikh in Egypt.

Seven Asian countries have saved approximately $34 billion this year by using solar energy instead of fossil fuels, a report by three Asia-based climate think tanks said Thursday. The report comes as officials discuss how to drastically slash emissions at the U.N. climate talks in the Red Sea resort of Sharm el-Sheikh in Egypt.

The report found that the majority of the estimated savings are in China, where solar met 5% of the total electricity demand and avoided approximately $21 billion in additional coal and gas imports in the first half of this year.

Japan saw the second-highest impact, with $5.6 billion in avoided fuel costs thanks to solar power generation alone. In India, solar power saved $4.2 billion in fuel costs in the first half of the year.

“Asian countries need to tap into their massive solar potential to rapidly transition away from costly and highly-polluting fossil fuels,” said Isabella Suarez, one of the report’s authors and energy analyst at the Centre for Research on Energy and Clean Air. “While ambitious targets are important, follow through will be the key thing to watch moving forward.”

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A report released Thursday says deforestation in the expansive Congo Basin rainforest increased by 5% in 2021.

The Forest Declaration Assessment said only two of the six Congo Basin countries who signed a 2021 commitment on halting and reversing deforestation by 2030 — Congo and Gabon — are on track with the goal. The report comes as officials and negotiators meet in the seaside resort of Sharm el-Sheikh in Egypt for U.N. climate talks.

“The Congo Basin Forest is at a crossroads,” said Marion Ferrat, senior the lead author of the report. “Deforestation has been low compared to other tropical regions, but we are seeing an upward trend.”

“If this trend continues, we risk losing the largest remaining intact forest in the tropics along with its immense and irreplaceable value for biodiversity, climate, and people.”

It’s estimated that $100 billion is needed to preserve the Amazon Basin each year, said Lawrence Nsoyuni of the Geospatial Technology Group, who urged greater financial pledges.

“If world leaders are serious about their commitments to stop forest loss, they must step up financial support for the Congo Basin,” he said.

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