According to the World Economic Forum(WEF) report titled “Fostering Effective Energy Transition 2023”, published in collaboration with Accenture, India is ranked 67th on the Energy Transition Index (ETI) 2023.
- The report also stated that India is the only major economy with energy transition momentum accelerating across the ETI’s equitable, secure and sustainable dimensions.
- ETI 2023, the list of 120 counties, is topped by Sweden with an ETI score 78.5 followed by Denmark (76.1) and Norway (73.7) in 2nd and 3rd rank respectively.
India – country analysis:Â
i.The improvement in India’s ETI performance was contributed by achieving universal access to electricity, replacing solid fuels with clean cooking options (Liquefied Petroleum Gas-LPG) and increasing renewable energy deployment.
ii.India has maintained a diversified mix of energy trade partners. The rising import dependence represents a risk amid global energy market volatilities.
iii.The energy mix of India remains carbon intensive, with a low share of clean energy in final demand.
iv.The pace of thermal power plant expansion has been slowed. The strategies for early retirement or repurposing of the existing fleet will play a major role in this.
v.The progress of India is challenged by 2 key macro trends:
- Strong economic growth.
- Urgency to create quality jobs for a growing working-age population.
Top 5 on Energy Transition Index 2023:
| Rank | Country | ETI Score |
|---|---|---|
| 1 | Sweden | 78.5 |
| 2 | Denmark | 76.1 |
| 3 | Norway | 73.7 |
| 4 | Finland | 72.8 |
| 5 | Switzerland | 72.4 |
| 67 | India | 54.3 |
Key Points:
i.Among the world’s 10 largest economies, France(7) was the only G20(Group of 20) country to feature among the top 10 of the ETI 2023.
- The largest economies like Germany, the United States of America(USA) and the United Kingdom(UK) were ranked 11th, 12th and 13th respectively.
ii.India and China, the emerging and developing countries in Asia with high populations have improved their ETI score by 12% in the past 10 years.
Key Highlights:Â
i.The global average ETI scores increased by 10% since 2014 but showed only marginal growth in the past 3 years. The 2023 global average is 56.3%.
ii.Among the 120 countries listed, approximately 113 have shown progress, but only 55, including India, have experienced an improvement in their scores by more than 10 percentage points over the past decade.
- China, India and Indonesia, the emerging centres of demand have witnessed these improvements.
iii.The report stated that India and Singapore are the only countries that are making advances on all aspects of energy system performance.
Recent Related News:Â
During the RPM (Review, Planning, and Monitoring) meeting of States and State Utilities in New Delhi, Delhi, Union Minister R. K. Singh, Ministry of Power, released the report of the State Energy Efficiency Index (SEEI) 2021-2022.
- Five states are in the Front Runner category (>60 points) in SEEI 2021-22: Andhra Pradesh, Karnataka, Kerala, Rajasthan, and Telangana.
About World Economic Forum(WEF):
Founded in – 1971
Founder & Executive Chairman- Klaus Schwab
President– Borge Brende
Headquarters– Cologny, Switzerland
