NEW DELHI/GENEVA, May 13:
India has moved up two positions to rank 74th on a global ‘Energy Transition Index’ with improvements on all key parameters of economic growth, energy security and environmental sustainability, the World Economic Forum (WEF) said on Wednesday.
Releasing the annual rankings, the Geneva-based international organisation for public-private cooperation said COVID-19 will compromise the transition to clean energy without an urgent stakeholder action as unprecedented disruptions due to the pandemic threaten this transition.
In its report, the WEF said its study measuring readiness for clean energy transition in 115 economies showed that 94 have made progress since 2015, but environmental sustainability continues to lag.
Sweden has topped the Energy Transition Index (ETI) for the third consecutive year and is followed by Switzerland and Finland in the top three.
Surprisingly, France (ranked 8th) and the UK (7th) are the only G20 countries in the top ten.
The WEF said the “emerging centres of demand” such as India (74th) and China (78th) have made consistent efforts to improve the enabling environment, which refers to political commitments, consumer engagement and investment, innovation and infrastructure, among others.
In China’s case, problems of air pollution have resulted in policies to control emissions, electrify vehicles, and develop the world’s largest capacity for solar photovoltaic (PV) and onshore wind power plants.
For India, gains have come from a government-mandated renewable energy expansion programme, now extended to 275 GW by 2027.
India has also made significant strides in energy efficiency through bulk procurement of LED bulbs, smart meters, and programs for labelling of appliances. Similar measures are being experimented to drive down the costs of electric vehicles, the WEF said.
India is one of the few countries in the world to have made consistent year-on-year progress since 2015.
India’s improvements have come across all three dimensions of the energy triangle — economic development and growth, energy access and security, and environmental sustainability.
It indicates a strong positive trajectory, driven by strong political commitment and an enabling policy environment.
The WEF said the coronavirus pandemic risks cancelling out recent progress in transitioning to clean energy, with unprecedented falls in demand, price volatility and pressure to quickly mitigate socioeconomic costs placing the near-term trajectory of the transition in doubt.
Policies, roadmaps and governance frameworks for energy transition at national, regional and global levels need to be more robust and resilient against external shocks, according to the latest edition of WEF’s Fostering Effective Energy Transition 2020 report. (PTI)
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