The World Economic Forum’s (WEF) on March 15, 2018 released the report titled 'Fostering Effective Energy Transition', ranking 114 countries on how well they are able to balance energy security and access with environmental sustainability and affordability.
The report's Energy Transition Index ranked India at the 78th position. The Index was topped by Sweden.
Highlights of the Report
• The Energy Transition Index was topped by Sweden, followed by Norway at the second position and Switzerland at the third.
• Rounding out the Top 10 were Finland (4th), Denmark (5th), the Netherlands (6th), the United Kingdom (7th), Austria (8th), France (9th) and Iceland (10th).
• Among India's emerging market peers, Brazil stood at the 38th place, Russia at 70th and China at 76th place.
India's Energy Transition Journey
• India's energy needs are mainly met by fossil fuels to ensure environmental sustainability and optimum energy import costs.
• As per the report, India took bold measures to improve energy efficiency and deployment of renewable sources of energy.
• However, energy transition requires large investments, enabling environment and robust regulatory frameworks to support the transition. At present, India is at the turning point in its energy transition journey.
• Between 2013 and 2018, India improved its performance score by 5.6 per cent, mainly with improved energy access, reduced subsidies and reduced import costs. However, the road to continuous access to power for all is long.
• India has also been implementing the largest government-mandated renewable energy programme, with a target of generating 175 GW renewable energy capacity by 2022.