World Economic Forum Current Affairs - 2020

Global Energy Transition Index: India ranks 74th

On May 13, 2020, the World Economic Forum released Global Energy Transition Index (GET Index). India has moved up to 74th rank showing improvements in key parameters such as energy security, growth and environmental sustainability.

About the index

The World Economic Forum has ranked 115 countries based on GET Index in its report “WEF Fostering Effective Energy Transition 2020 report”. The index has been framed based on the current performance of the energy systems of the countries, environmental sustainability, energy security and also based on indicators such as readiness for transition to sustainable, secure, affordable and inclusive energy systems.

According to the report, 75% of the countries have improved their environmental sustainability.

Highlights: World

Sweden has topped the ranking for the third consecutive year. It was followed by Switzerland and Finland. Only France (on the 8th position) and UK (on the 7th position) were the only G20 countries under top 10.

According to the ranking, India and China were the emerging centres of demand in the world.

The United States stood at 32nd rank, Canada at 28th, Brazil at 47th and Australia at 36th rank. For the first time, the US ranked outside top 25%.

Highlights: India

The report says that India has made significant improvements by expanding its energy programme. This has been achieved by making bulk procurement of LED bulbs and smart meters and also by launching programmes for labelling of appliances.

Also, India is one of the few counties that has made consistent progress since 2015 according to the report. The report also says that only 11 countries have made significant progress since 2015.

World Productivity Congress in India after 45 years of gap

The World Productivity Congress has been conducted by the World Confederation of Productivity Science since 1969. It was last held in India in 1974. The Congress is held under the theme

Theme: Industry 4.0-Innovation and Productivity

Highlights

The 19th World Productivity Congress to be held in Bengaluru aims at catalyzing government approaches in enhancing productivity. It is to be held between May 6, 2020 and May 8, 2020.

Purpose

The Congress will act as a platform to shape future productivity growth. It will also help India and other attending stakeholders to learn innovative approaches that are essential to support the growing population. It is expected that the world population will reach 9.7 billion by 2050 and 11.2 billion by 2100 according to the United Nations.

Significance

According to the World Economic Forum, India will become the third largest economy in the world after US and China by 2030. Also, in the next few years India is expected to grow at 7% though it is facing a slowdown currently. This huge market potential of India makes it an ideal choice for the 19th world productivity congress.