India Ranks 63rd, While Sweden Tops Energy Transition Index In WEF Report
The WEF stated that India is at the forefront of generating results that could serve as a model for other nations.
India, which has shown significant improvement across energy equity, security, and sustainability, has been ranked 63rd on the Global Energy Transition Index, the World Economic Forum said on Wednesday.
European countries led the rankings, with Sweden at the forefront, followed by Denmark, Finland, Switzerland, and France rounding out the top five.
China was ranked 20th.
Acknowledging the range of initiatives undertaken in India, the World Economic Forum has stated that the country is at the forefront of generating results that could serve as a model for other nations.
The progress made by India, along with other developing nations like China and Brazil, is noteworthy considering that 83% of countries have regressed since last year in at least one of the three dimensions of energy system performance—security, equity, and sustainability.
Taking note of the various initiatives taken in India, the World Economic Forum said the country is leading the way in creating outcomes that can be replicated elsewhere.
It said the governments can also consider creating awareness and policy interventions, such as guidelines for energy-efficiently built infrastructure and incentives for retrofitting, to shape an enabling environment for accelerated adoption.
"The developing world has an opportunity to rewrite the rules and show the way to successfully transform energy demand—an example of reverse innovation is frugal, scalable innovation originating in developed countries and then scaled across the world," it said.
On the role of China and India, the WEF said that, with roughly a third of the global population, these two countries will play a critical role.
"Both have experienced progress in renewable energy buildout, energy access improvements, and energy security. However, the phase-down trajectory of coal will be a major driver of emissions. Additionally, these countries are in a strong position for green tech manufacturing," the WEF said.
Globally, the report said that the energy transition to a more equitable, secure, and sustainable energy system is still progressing, but has lost momentum in the face of increasing uncertainty worldwide.
While 107 of the 120 countries benchmarked in the report demonstrated progress on their energy transition journeys in the past decade, the overall pace of the transition has slowed, and balancing its different facets remains a key challenge.
"While innovation growth has slowed, countries like China and India are leading in developing new energy solutions and technologies," it said.
The WEF also lauded the strides made by India in its clean energy infrastructure, with renewable energy and biomass comprising 42% of its power generation capacity, making it the fourth-largest renewables market globally.
With annual investments nearing $10 billion, India is driving the adoption of electric vehicles and the production of green hydrogen.
"However, the significant dependence on coal in both China and India continues to be a major factor in their emission intensity," it said.
Emerging and developing Asia, including populous nations like India and China, showed an 8% improvement in ETI scores over the past decade, mainly in reducing energy intensity.
The WEF also noted India's focus on leveraging energy for income generation and supporting micro-enterprises through the productive use of renewable energy sources.
"There is also a strong emphasis on ensuring the affordability and economic viability of these solutions, underscoring India's commitment to promoting sustainable energy practices that benefit local communities and drive economic growth," it added.
India's per capita emissions, at 1.7 tonne of CO2, are already 60% lower than the global average of 4.4 tonne of CO2 per capita.
"However, there is still a need to decouple growth from energy demand. This requires significant investment in energy efficiency, particularly during the development of new infrastructure and manufacturing capacity," it said, while noting that India has been taking multiple initiatives in this regard.
(With inputs from PTI)
