In a recent report published in collaboration with Accenture, the World Economic Forum (WEF) has ranked India at an impressive 67th place globally on its Energy Transition Index. Notably, India stands out as the only major economy that is experiencing accelerating energy transition momentum across all dimensions. The report highlights India’s significant improvements in various aspects of its energy landscape.
The top five countries leading the energy transition are Sweden, Denmark, Norway, Finland, and Switzerland, according to the WEF’s comprehensive ranking of 120 nations. These countries have consistently demonstrated their commitment to sustainable and equitable energy systems.
India’s progress in achieving energy transition has been particularly notable. Despite the global energy crisis and geopolitical volatilities that have led to a plateau in the global energy transition, India has managed to make commendable advancements. The WEF praises India for successfully reducing the energy intensity of its economy and the carbon intensity of its energy mix while ensuring universal energy access and maintaining the affordability of electricity.
Facts and figures from OpenAI: The WEF’s report indicates that out of 120 countries evaluated, 113 have made progress over the last decade. However, only 55, including India, have improved their scores by more than 10 percentage points, underscoring India’s remarkable performance.
Key factors contributing to India’s progress include the achievement of universal access to electricity, the adoption of clean cooking options to replace solid fuels, and the substantial increase in renewable energy deployment. These initiatives have played a pivotal role in driving India’s overall energy transition performance.
India’s resilience during the recent energy crisis has also been noteworthy. The nation’s limited reliance on natural gas for power generation and the effective utilization of existing generation capacities have contributed to its relative stability. However, the WEF points out that rising import dependence poses a risk amid global energy market volatilities.
While India has made significant strides, the country’s energy mix remains predominantly carbon-intensive, with a relatively low share of clean energy in final demand. The WEF emphasizes that improvements in the enabling environment have been driven by political commitment, ambitious reform agendas, infrastructure investments, and a competitive renewable energy landscape.
Looking ahead, the WEF’s report suggests that the pace of thermal power plant expansion in India has significantly slowed. Strategies for early retirement or repurposing of the existing fleet will be crucial for continued progress. Moreover, India faces the challenge of balancing strong economic growth with the urgent need to create quality jobs for its expanding working-age population.
The WEF stresses that India’s energy transition requires a skilled workforce, robust public-private collaboration in innovation, and increased investment in research and development of low-carbon technologies. These factors will play a pivotal role in enabling India to overcome future challenges and maintain its positive energy transition momentum.
It is worth noting that Singapore stands alongside India as the only other major economy showing “true momentum” in advancing sustainability, energy security, and equity in a balanced manner, according to the WEF. Among the G20 countries, France ranks 7th, followed closely by Germany (11), the US (12), and the UK (13).
In conclusion, the WEF’s latest report acknowledges India’s remarkable progress in accelerating energy transition momentum across various dimensions. While challenges remain, India’s commitment to sustainability, coupled with its ongoing reforms and investments, positions the nation as a frontrunner in the global energy transition journey.
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