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Source: The post is based on the article “India ranked 67th on Energy Transition Index, Sweden on top: WEF” published in The Hindu on 28th June 2023
What is the News?
The World Economic Forum(WEF) has released the Energy Transition Index 2023.
What is the Energy Transition Index?
What are the key takeaways from Energy Transition Index 2023?
Rankings: Sweden has topped the list and was followed by Denmark, Norway, Finland and Switzerland in the top five.
– France (7) was the only G20 Country in the top 10, followed closely by Germany (11), the U.S. (12), and the U.K. (13).
India: India has been ranked 67th out of 120 countries.
Observations made on India: India is the only major economy with energy transition momentum accelerating across all dimensions.
– Despite continued economic growth, India has successfully reduced the energy intensity of its economy and the carbon intensity of its energy mix, while achieving universal energy access and effectively managing affordability of electricity.
Contributors: Universal access to electricity, replacing solid fuels with clean cooking options and increasing renewable energy deployment have been primary contributors to the improvement of India’s performance.
Concerns: Rising import dependence amid global energy market volatilities, predominantly carbon-intensive energy mix. Challenges include balancing economic growth and creating quality jobs for the growing working-age population.
Recommendations: Continued progress of India will be challenged by two key macro trends: strong economic growth and the urgency to create quality jobs for a growing working age population.
– Hence, for this a skilled workforce, public-private collaboration in innovation, and investment in research and development in low-carbon technologies are necessary to enable India’s energy transition.
