India Ranks 63rd in Global Energy Transition Index- WEF 2024

India's Progress in the Global Energy Transition Index

The World Economic Forum (WEF) released its annual Global Energy Transition Index on June 19, 2024, revealing India's improved position in the global energy transition landscape. India has climbed three ranks from last year, now standing at 63rd out of 120 countries surveyed. This advancement reflects significant progress in energy equity, security, and sustainability.

The WEF commended India's initiatives in encouraging non-fossil-based energy sources, particularly solar energy. India's role in the global energy transition is deemed critical, alongside China, given that these two nations represent roughly one-third of the world's population. The report highlights India as the fourth-largest renewable energy market globally, with renewable energy and biomass comprising 42% of its power generation capacity. Furthermore, India is making substantial investments in electric vehicles and green hydrogen, demonstrating its commitment to a sustainable energy future. The WEF suggests that India's successful policies and innovative initiatives could serve as a model for other nations in their green energy transition efforts.

Understanding the Global Energy Transition Index

The Global Energy Transition Index, published annually by the WEF in collaboration with Accenture, is a comprehensive tool for evaluating nations' progress and preparedness in building an equitable, secure, and sustainable energy future. It meticulously tracks government policies and their effectiveness in three key areas: reducing carbon dioxide emissions from energy production, promoting non-fossil-based power sources (such as solar, wind, and small hydel plants), and enhancing overall energy efficiency.

The index considers energy intensity, which refers to the amount of energy required to produce a given output or activity. A reduction in energy intensity indicates more efficient power usage, positively impacting the environment. The 2024 report reveals that 107 out of 120 countries have shown progress in their energy transition journeys over the past decade. However, it also notes that the pace of energy transition has slowed due to economic volatility, heightened geopolitical tensions, and technological shifts, emphasizing the need for continued global efforts in this crucial area.

Global Rankings and European Dominance

The 2024 Global Energy Transition Index showcases the continued dominance of European nations in leading the energy transition. Sweden has maintained its top position from the previous year, followed closely by Denmark, Finland, Switzerland, and France. This European leadership underscores the region's commitment to sustainable energy practices and policies.

China, another major player in the global energy landscape, ranks 20th in the index. The stark contrast between China's 20th position and India's 63rd rank highlights the varying paces of energy transition among the world's most populous nations. Despite this gap, both countries are recognized for their critical roles in shaping the global energy future.

The index's findings demonstrate that while progress is being made worldwide, there is still significant variation in the speed and effectiveness of energy transition efforts across different regions and economies. This disparity presents both challenges and opportunities for global collaboration and knowledge sharing in the pursuit of a sustainable energy future.

The World Economic Forum: Shaping Global Agendas

The World Economic Forum, founded in 1971 by German economist Klaus Schwab, plays a pivotal role in shaping global, regional, and industry agendas. Headquartered in Cologny, Switzerland, this non-profit international organization serves as a platform for collaboration among business, political, academic, and other leaders to address pressing global challenges.

The WEF is renowned for its annual meetings in Davos, Switzerland, which bring together global leaders from various sectors. Beyond these high-profile gatherings, the organization publishes several influential reports that provide valuable insights into global trends and challenges. These include the Global Gender Gap Report, Global Competitiveness Report, Global Travel and Tourism Report, and the Global IT Report.

Through its various activities and reports, including the Global Energy Transition Index, the WEF continues to drive impactful actions through public-private cooperation. Its work in highlighting and analyzing global energy transition efforts contributes significantly to the worldwide push for more sustainable and equitable energy systems.