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Description
The World Economic Forum (WEF) announced the Global Energy Transition Index on June 19, 2024. It demonstrates that the global energy transition situation has changed dramatically. After sliding to 67th place, India climbed to 63rd place out of 120 countries, a significant improvement. Sweden remained at the top of the Index, indicating that it has made sustained progress in the energy sector.
India's Progress On Energy Transition
The World Economic Forum complimented India for taking the initiative to develop renewable energy sources, particularly solar energy. The country's success in energy security, justice, and long-term use demonstrates that it is becoming a key actor in global energy transitions. Notably, 42% of India's total energy production capacity is now derived from renewable sources such as biomass. Other countries are following the United States' lead by investing in green hydrogen and producing more electric automobiles.
About Global Energy Transition Index
The Index, developed by the WEF and Accenture in collaboration, allows nations to compare their readiness and performance in transitioning to safe, long-lasting, and equitable energy systems. A variety of factors are considered, including government legislation, energy security, sustainability efforts, and carbon emission reduction. The Index's purpose is to track how far the world has progressed in terms of utilizing fewer fossil fuels and increasing energy efficiency.
Global Performance
Sweden, Denmark, Finland, Switzerland, and France have the highest rankings in 2024. This is because they have robust energy policy and are committed to environmental stewardship. China and India are the highest-ranked non-European countries, at 20th and 63rd, respectively. The study emphasizes that the majority of the countries examined have achieved progress in their energy transition plans, while facing economic and geopolitical challenges.
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