The report said as many countries continue to revise their energy development plans, the volatility in commodity markets and the record-breaking fuel costs affecting the price of electricity everywhere must serve as a warning against continued fossil fuel dependence.The majority of these estimated savings were in China, where solar met 5 per cent of the total electricity demand and avoided approximately $21 billion in fossil fuels imports from January to June 2022, the report said.Japan saw the second biggest contribution with $5.6 billion in avoided fuel costs thanks to solar power generation alone, which reached record levels for the country in May this year, the think tank said in the report.Vietnam's solar power avoided $1.7 billion in potential fossil fuel costs, it said, adding that notably, Vietnam's solar generation was close to zero Terawatt-hour (TWh) in 2018.In Thailand and the Philippines, where the growth in solar has been slower, the avoided fuel cost is still notable, the think tank said in a report.In the wake of soaring fossil fuel prices, the importance of diversified and domestic renewable energy has only become clearer."