World Economic Forum Current Affairs

India ranks 90th in terms of energy security, access: WEF Report

India has been ranked at the 90th place in a list of 126 countries on the basis of their ability to deliver secure, affordable and sustainable energy.

It was revealed by Global Energy Architecture Performance Index (GEAPI) Report compiled by World Economic Forum (WEF).

Key facts

  • Top 10 countries in GEAPI Report: Switzerland (1st), Norway (2nd), Sweden (3rd), France (4th), Denmark (5th), Austria (6th), Spain (7th), Colombia (8th), New Zealand (9th) and Uruguay (10th).
  • Among the BRIC nations: Brazil (25th), Russia (52nd), India (90th) and China (94th).
  • The report has noted that major global economies have performed less well on the index with the exception of France which was placed at the 4th place.
  • It also mentioned that large emerging economies are pressed both by the build resilient and sustainable energy architecture and need to support economic growth.
  • Over the last decade, world energy production and imports rose by 3,200 million tonnes of oil equivalent and was driven by boom in the Asian economies and led by China and India.
  • Fuel trade patterns: They have dramatically changed during the last decade.
  • Asia accounted for 35% of the world fuel trades in 2014, increased by 15% as compared to 20% of the world fuel trades in 2004.
  • Regarding India: The report has noted that India is facing a vast array of challenges in the power sector in order to meet its growth targets.
  • However electrification appears to have progressed in India. The proportion of the population covered in electrification in the past 6 years has increased by 4% points to 79%.

GEAPI Report: It was prepared in collaboration with Accenture. It has explored the energy architecture of 126 countries. It is based on their ability to provide energy access across three dimensions of energy triangle viz. affordability, security, environmental sustainability and access.


World Economic Forum meeting starts in Davos, Switzerland

The annual World Economic Forum (WEF) meeting has started in Swiss resort of Davos, Switzerland with participation of political leaders and business from around the world.

In this edition of WEF meeting, the agenda includes the outlook of the global economy and measures to fight terrorism.

Key highlights

  • Leaders from about 40 countries and more than 2,500 business people are attending the meeting.
  • The 4-day conference will cover the discussions on tumbling oil prices and China’s uncertain economic prospects.
  • It will be also discussing the issue of growing terror threats in the wake of the November 2015 terrorist attacks in Paris (France) and influx of migrants and refugees in Europe.
  • Participants will also discuss environmental issues such as greenhouse gas emissions. They will also review the latest efforts to improve industrial production with robotics, artificial intelligence and information technology.

World Economic Forum (WEF)

  • WEF is an international institution founded by Klaus Schwab that works to improve the state of the world through public-private cooperation.
  • It was established in 1971 and is headquartered in Geneva, Switzerland.
  • Motto: Committed to improving the state of the world
  • It is an independent not-for-profit organization that works closely with other international organizations.
  • It also works with leaders in the field of politics, business, academia to set global, regional and industrial agenda.