UK Current Affairs - 2019

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Global Energy Transition Index 2019

The Global Energy Transition index 2019 report has been released by the World Economic Forum (WEF). The index compares the energy sectors of 115 countries and analyses their readiness for energy transition. The index benchmarks the countries energy systems based on an “energy triangle”, comprised of energy security and access, economic development and growth, environmental sustainability and how well they are set-up to succeed in the future.

The index takes into account six individual indicators: capital and investment, regulation and political commitment, institutions and governance, institutions and innovative business environment, human capital and consumer participation, and energy system structure.

Global Energy Transition Index 2019

  • Sweden has topped the index and is followed by Switzerland and Norway in the top three.
  • China is ranked even lower than India in the 82nd position.
  • The United Kingdom (UK) is ranked seventh and the UK is the only G7 economy in the top 10.
  • Singapore has been ranked thirteenth, while Germany, Japan and the US have bagged the seventeenth, eighteenth and the twenty-seventh place respectively.
  • Among the Asian Countries, Malaysia is ranked highest at 31st, Sri Lanka is 60th, Bangladesh 90th and Nepal 93rd.
  • The report states that the world’s transition to secure, affordable and sustainable energy has stagnated, with little or no progress achieved in the past five years.
  • The index notes that continued use of coal for power generation in Asia, increasing commodity prices and slower-than-needed improvements in energy intensity have contributed to this year’s stagnation in performance.
  • Even though more people across the globe have access to energy, this has been offset by reduced affordability and almost no progress in making energy systems environmentally sustainable.

Where does India stand?
  • India has moved up two places to rank 76th and the report states that India is amongst the countries with high pollution levels and has a relatively high CO2 intensity in its energy system.
  • The report also acknowledges the significant strides made by India to improve energy access in recent years. India scores well in the area of regulation and political commitment towards energy transition.
  • The report suggests a ground of optimism regarding India despite the current outdated energy system not being ready for the transition because an enabling environment is being built to support the future transition.
  • India has ranked low in terms of system performance (ranking 97 and 86, respectively) and has been ranked considerably higher when it comes to readiness (45 and 61, respectively).
  • India is the second best in the BRICS group of emerging economies, with Brazil being the best at 46th place globally. India is the only BRICS country to improve its rank since last year.

The Index considers both the current state of the countries’ energy system and their structural readiness to adapt to future energy needs.

Month: Categories: Business, Economy & BankingUPSC

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Asian Rich List 2019

Asian Rich List 2019 was released by India’s High Commissioner to the UK Ruchi Ghanashyam. The list is the compilation of the 101 wealthiest Asians in Britain and highlights exceptional entrepreneurial achievement over the last 12 months. The list was released at the Asian Business Awards.

Asian Rich List 2019

  • London-based NRI industrial tycoons, the Hinduja family top the Asian Rich List 2019 for the sixth successive year with an estimated net worth of £25.2 billion.
  • Hinduja family has witnessed an increase of over £3 billion over the previous year.
  • Business tycoon Lakshmi Mittal and his son Aditya Mittal remained in second place, with £11.2 billion and their wealth was down by £2.8 billion from the previous year.
  • S P Lohia (Petrochemicals) took third place with £5.8 billion.
  • NRI entrepreneur Lord Swraj Paul and family are 17th in the list with a net worth £900 million. They have witnessed an increase of £100 million over the previous year.
  • Hotelier Joginder Sanger and his son Girish Sanger stood at number 40 on the list with an estimated value of £300 million.

The entries of the Asian Rich List 2019 have a combined wealth of more than £85.2 billion. The list was carefully prepared by a team of experts and it is the definitive guide to Asian wealth in Britain.

Month: Categories: Awards

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