India has ranked 78th among 114 countries on the World Economic Forum’s (WEF’s) Energy Transition Index.
About Energy Transition Index:
Energy Transition Index benchmarks 114 countries on the current level of their energy system performance, and the readiness of their macro environment for transition to a secure, sustainable, affordable and inclusive future energy system.
- The index is a part of first edition of ‘Fostering Effective Energy Transition report’, prepared by World Economic Forum (WEF) with analytical support from McKinsey & Company.
Highlights of Energy Transition Index:
As per the report, India is at the crossroads in its energy transition journey as despite of taking bold measures to improve energy access, energy efficiency, and to improve the deployment of renewable sources of energy, large investments, enabling environment and robust regulatory frameworks are required to support the transition.
- The report outlined that currently, major portion of India’s energy needs are met by fossil fuels, which is not only affecting environmental sustainability but is also increasing energy import costs.
- Besides, sizeable share of India’s population still does not have access to electricity and clean cooking fuel.
- However, on a brighter note, owing to improved energy access and reduced subsidies during 2013 to 2018, India’s performance score has improved by 5.6 percentage points for this period.
- Among emerging markets, Brazil ranked 38th, Russia at 70th and China stood at 76th spot.
- The list has been topped by Sweden, followed by Norway and Switzerland at 2nd and 3rd rank respectively.
Energy Transition Index – Top 10:
Quick Facts about World Economic Forum (WEF):
- Formed in – 1971
- Headquarters – Cologny, Switzerland
- Current Executive Chairman – Klaus Schwab