Context:
Recently, the World Economic Forum (WEF) has ranked India at the 67th place globally on its Energy Transition Index (ETI).
Relevance:
GS III: Indian Economy
Dimensions of the Article:
- Energy Transition Index
- Key highlights of the Energy Transition Index
- Contributors to India’s energy transition progress
- Recommendations
Energy Transition Index:
- The index assesses the energy transition progress of 120 economies.
- India stands out as the only major economy with accelerating momentum in all dimensions of energy transition.
- Singapore is another major economy showing significant momentum by advancing sustainability, energy security, and equity in a balanced manner.
- The index evaluates the current performance of energy systems based on economic development, environmental sustainability, energy security, and access indicators.
- It also considers the readiness of economies to transition to secure, sustainable, affordable, and inclusive energy systems.
Key highlights of the Energy Transition Index
- Sweden secured the top position, with Denmark, Norway, Finland, and Switzerland following closely in the top five.
- France was the only G20 country in the top 10, with Germany, the U.S., and the U.K. also ranking high.
- Global average ETI scores have increased by 10% since 2014 but have shown limited growth in the past three years.
- Only 41 countries have consistently made progress in the past decade towards energy transition.
Contributors to India’s energy transition progress:
- Achieving universal electricity access, improving clean cooking options, and increasing renewable energy deployment.
- Effective utilization of existing capacities and a low reliance on natural gas, which helped India withstand recent energy crises.
Concerns and challenges:
- Rising import dependence and volatility in the global energy market.
- Predominantly carbon-intensive energy mix.
- Balancing economic growth with the need for creating quality jobs for the growing working-age population.
Recommendations:
- Sustained momentum, effective policy management, and partnerships are crucial for achieving long-term energy transition goals.
- Promoting clean energy investments, innovation, and energy efficiency while ensuring inclusivity.
- Building a skilled workforce and fostering public-private collaboration.
- Investing in low-carbon technology research and development for a successful energy transition in India.
About World Economic Forum (WEF)
- The World Economic Forum is the International Organization for Public-Private Cooperation.
- It was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland. It is independent, impartial and not tied to any special interests.
- The Forum strives in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance.
Major reports published by WEF:
- Energy Transition Index.
- Global Competitiveness Report.
- Global IT Report (WEF along with INSEAD, and Cornell University)
- Global Gender Gap Report.
- Global Risk Report.
- Global Travel and Tourism Report.
-Source: The Hindu
