India is the only large country with energy transition momentum that is accelerating across all dimensions, according to the World Economic Forum, which put India at 67th in the world on its Energy Transition Index on Wednesday.
Denmark, Norway, Finland, Switzerland, and Sweden rounded up the top five on the list of 120 countries.
The global energy transition has stagnated in the face of the energy crisis and geopolitical unpredictability, according to a research released by the WEF in conjunction with Accenture, but India is one of the nations that has made notable progress.
According to the WEF, “India is the only major economy with energy transition momentum accelerating across the equitable, secure, and sustainable dimensions.”
The main factors that have contributed to India’s performance improvement have been the attainment of universal access to electricity, the substitution of solid fuels with clean cooking options, and the expansion of the use of renewable energy sources.
Due in large part to the low proportion of natural gas in power generation and greater utilisation of existing generation capacities, India likewise emerged from the previous energy crisis comparatively minimally affected.
In light of the volatility in the world’s energy markets, the WEF stated that even while the country still has a well-diversified mix of energy trading partners, growing import dependence poses a concern.
With a small percentage of clean energy in final demand, the energy mix continues to be primarily carbon intensive.
According to the WEF, political commitment, an ambitious reform agenda, infrastructural expenditures, and a competitive renewable energy market have all contributed to improvements in the enabling environment.
The WEF stated in its assessment that going forward, early retirement or fleet repurposing initiatives will be vital, despite the fact that India’s pace of thermal power plant growth has significantly reduced.
The urgency of creating excellent jobs for a growing working-age population and high economic growth are two significant macrotrends that will provide challenges to further progress.
According to the document, skilled labour, public-private innovation partnerships, and financial investments in the development of low-carbon technology are essential for facilitating India’s energy transformation.
In addition to India, Singapore is the only other significant economy addressing justice, sustainability, and energy security in a balanced manner, according to the WEF.
The only G20 nation in the top 10 was France (ranked 7), closely followed by Germany (ranked 11), the US (12), and the UK (ranked 13).
Out of 120 nations, 113 have improved their rankings over the past ten years, according to the WEF, but only 55—including India—have seen increases of more than 10 percentage points.
