India ranks 78th on WEF Energy Transition Index
India was ranked at 78th among 114 countries on World Economic Forum’s (WEF) Energy Transition Index (ETI) released as part of report titled Fostering Effective Energy Transition. The index ranks countries on how well they are able to balance energy security and access with environmental sustainability and affordability.
Top 10 countries in 2018 ETI: Sweden (1st), Norway (2nd), Switzerland (3rd), Finland (4th), Denmark (5th), Netherlands (6th), the UK (7th), Austria (8th), France (9th) and Iceland (10th).
BRICS Countries in ETI: Brazil (38th), Russia (70th) and China (76th).
India related facts
According to report, India has taken bold measures to improve energy access, energy efficiency and to improve deployment of renewable sources of energy. However, energy transition in India will require large investments and enabling environment along with robust regulatory frameworks to support transition.
India is at crossroads in its energy transition journey. Its energy needs are primarily met by fossil fuels with implications for environmental sustainability and increasing energy import costs. Furthermore, considerable share of India’s population still lacks access to electricity and clean cooking fuel.
In 2018 ETI, India ranks in third performance quartile and third readiness quartile, making it emerging country that is approaching the leapfrog category. Interestingly, India has improved its performance score by 5.6 percentage points between 2013 and 2018 period, mainly with improved energy access, reduced subsidies and reduced import costs. India has largest government-mandated renewable energy programme, with target of 175 GW renewable energy capacity by 2022, and it announced plans to shift completely to electric vehicles by 2030.
Categories: Business & Economy Current Affairs 2018