India ranks 74 on a Global Energy Transition Index, according to the World Economic Forum. The country has moved up two positions on the index in relation to all important parameters such as economic growth, energy security, and environmental sustainability.
It is reported that Sweden has ranked first on the Energy Transition Index for the third consecutive year followed by Switzerland and France. In fact, France ranks eighth and the UK seventh on the index. France and the UK are the only two G20 countries in the top ten, media reports said.
For China, factors such as air pollution have led to policies to restrict development of electric vehicles, the world’s largest solar photovoltaic capacity, and onshore wind power plants.
Roberto Bocca, Head of Energy and Materials, WEF, told the media, “The coronavirus pandemic offers an opportunity to consider unorthodox intervention in the energy markets and global collaboration to support a recovery that accelerates the energy transition once the acute crisis subsides.”
Other countries including Canada, Chile, Lebanon, Malaysia, Nigeria and Turkey have declined since 2015. The WEF said that the protracted pandemic is disturbing progress to transition to clean energy, with factors such as fall in demand and price volatility affecting the sector.
WEF’s Fostering Effective Energy Transition 2020 report emphasised that building policies, roadmaps, and governance frameworks will support energy transitions in an effective way.