India only major economy with energy transition momentum accelerating, says WEF report

The World Economic Forum on Wednesday ranked India at the 67th place globally on its Energy Transition Index, saying it is the only major economy with energy transition momentum advancing across all dimensions. Sweden topped the list, followed by Denmark, Norway, Finland and Switzerland in the top five. Releasing the report published in collaboration with Accenture, the WEF said the global energy transition has plateaued amid the global energy crisis and geopolitical volatility, but India is among the countries that have made significant improvements. India is the only major economy with energy transition momentum accelerating across the Energy Transition Index's equitable, secure, and sustainable dimensions, the WEF said. Getting universal access to electricity has been a key objective of India's development, resulting in the conversion of solid fuels into cleaner cooking options and the growth of renewable energy resources. Although the nation maintains a well-diversified mix of energy trade partners, rising import dependence represents a risk amid global energy market volatility, the WEF said. However, the energy mix is mainly carbon-intensive, with a small portion of clean energy in final demand. The WEF said improving the enabling environment is driven by political commitment, an ambitious reform agenda, infrastructure investments and a competitive renewable energy landscape. On the road ahead, the WEF said in its report that the pace of thermal power plant expansion has considerably slowed in India, though strategies for early retirement or repurposing of the existing fleet will be crucial. Two key macro trends will challenge continued progress, one of which is the strong economic growth, and the need to create quality jobs for a growing working age population. To accelerate India's energy transition, a skilled workforce, public-private collaboration in innovation, and investment in R&D in low-carbon technologies are essential, the report said. In addition to India, Singapore is the only other major economy showing true momentum by advancing sustainability, energy security and equity in a balanced way, the WEF said. France 7 was the only G-20 country in the top 10, followed closely by Germany 11 the US 12 and the UK 13 The WEF said that 113 countries have made progress over the past decade but only 55, including India, have improved their scores by more than 10 percentage points.