WEF Highlights India’s Significant Improvements and Momentum Across All Energy Transition Dimensions
In a groundbreaking report released in collaboration with Accenture, the World Economic Forum (WEF) has ranked India at the 67th place globally on its Energy Transition Index, positioning the country as the only major economy with accelerating energy transition momentum across all dimensions. These findings come at a time when the global energy transition has plateaued amidst the prevailing energy crisis and geopolitical uncertainties.
Leading the index is Sweden, followed closely by Denmark, Norway, Finland, and Switzerland, comprising the top five out of the 120 countries assessed. The WEF emphasizes that despite these impressive rankings, India stands out as a nation that has made significant strides in enhancing its energy transition efforts.
India’s commitment to energy transition is evident in its notable achievements. The country has successfully reduced the energy intensity of its economy and the carbon intensity of its energy mix, while ensuring universal energy access and managing the affordability of electricity. These accomplishments are particularly commendable considering India’s continued economic growth.
One of the key contributors to India’s improved performance has been its focus on achieving universal access to electricity, along with promoting the adoption of clean cooking options and increasing renewable energy deployment. These efforts have not only enhanced energy accessibility but have also positioned India as relatively less affected by the recent energy crisis due to its low reliance on natural gas for power generation and the optimized use of existing generation capacities.
However, despite these achievements, the WEF acknowledges that India’s energy mix remains predominantly carbon intensive, with a limited share of clean energy in final demand. Addressing this challenge requires concerted efforts and ongoing improvements in the enabling environment. The WEF credits India’s progress in this area to political commitment, an ambitious reform agenda, infrastructure investments, and a highly competitive renewable energy landscape.
Looking ahead, the WEF report highlights that the pace of thermal power plant expansion has considerably slowed in India. Strategies for early retirement or repurposing of the existing fleet will be crucial to maintain the positive trajectory. Furthermore, India faces two significant macro trends: strong economic growth and the imperative to create quality jobs for its growing working-age population. To navigate these challenges successfully, the report stresses the need for a skilled workforce, public-private collaboration in innovation, and increased investment in research and development of low-carbon technologies.
In addition to India, the report identifies Singapore as the only other major economy demonstrating “true momentum” in advancing sustainability, energy security, and equity in a balanced manner. Interestingly, France is the sole G20 country to secure a spot in the top 10, with Germany, the US, and the UK closely following.
While the report highlights progress made by 113 out of the 120 countries assessed over the last decade, it underscores that only 55 countries, including India, have improved their scores by more than 10 percentage points, emphasizing the need for concerted efforts worldwide to accelerate the global energy transition.
Disclaimer: While we strive to ensure the accuracy and reliability of the information provided on this website, we do not guarantee its completeness, accuracy, or reliability. The views and opinions expressed in the articles are those of the authors and do not necessarily reflect the official policy or position of www.newsproject.in. Readers are encouraged to verify the information independently before acting on it.