India Ranks 63rd On World Economic Forum's Energy Transition Index

ENA Sectors 2024-06-19 16:28:35 New Delhi, Jun 19 (KNN) India has been ranked 63rd on the Energy Transition Index 2023 released by the World Economic Forum (WEF) on June 19. The index evaluates countries' performance in transitioning towards secure, sustainable, affordable, and inclusive energy systems across three dimensions: energy security and access, environmental sustainability, and economic development and engagement. European nations dominated the top ranks, with Sweden leading the index, followed by Denmark, Finland, Switzerland, and France. The report noted that 83 per cent of the 120 benchmarked countries regressed in at least one of the three dimensions compared to the previous year, underscoring the challenges in balancing the energy transition's various facets amid global uncertainties. India's performance was characterised by improvements in energy equity, security, and sustainability, lauded by the WEF. The country's clean energy infrastructure has made notable strides, with renewable energy and biomass comprising 42 per cent of its power generation capacity, making it the fourth-largest renewables market globally. Additionally, India is driving the adoption of electric vehicles and the production of green hydrogen, with annual investments nearing USD 10 billion. However, the report highlighted India's significant dependence on coal, a major factor contributing to its emission intensity. India's per capita emissions of 1.7 tonnes of CO2 are 60 per cent lower than the global average of 4.4 tonnes, but the WEF emphasised the need for further decoupling growth from energy demand through substantial investments in energy efficiency. The WEF commended India's efforts in leveraging energy for income generation, supporting microenterprises through the productive use of renewable energy sources, and ensuring the affordability and economic viability of sustainable energy solutions to benefit local communities and drive economic growth. Globally, the report acknowledged that while 107 countries demonstrated progress on their energy transition journeys over the past decade, the overall pace has slowed. It emphasised the critical role of India and China, home to roughly a third of the global population, in shaping the energy transition's trajectory, citing their progress in renewable energy buildout, energy access improvements, and energy security. However, the phase-down trajectory of coal remains a significant driver of emissions in these countries, which are also well-positioned for green tech manufacturing. (KNN Bureau) 38271 https://knnindia.co.in/news/newsdetails/sectors/india-ranks-63rd-on-world-economic-forums-energy-transition-index 2024-06-19 16:28:35 knnindia.co.in India Ranks 63rd On World Economic Forum's Energy Transition Index