- By Vaamanaa Sethi
- Wed, 28 Jun 2023 05:33 PM (IST)
- Source:JND
India has been ranked at the 67th position in the Energy Transition Index by the World Economic Forum (WEF) and said that it is the only major economy with energy transition momentum accelerating across all dimensions.
Achieving universal access to electricity, replacing solid fuels with clean cooking options and increasing renewable energy deployment are the key driving factors behind India’s growth.
According to the report, India also emerged relatively less affected from the recent energy crisis, largely due to the low share of natural gas in power generation and increased use of existing generation capacities.
"India is the only major economy with energy transition momentum accelerating across the Energy Transition Index's equitable, secure and sustainable dimensions," the WEF said.
"For example, despite continued economic growth, India has successfully reduced the energy intensity of its economy and the carbon intensity of its energy mix, while achieving universal energy access and effectively managing affordability of electricity," the WEF added.
Meanwhile, Sweden has topped the list, followed by Denmark, Norway, Finland and Switzerland. The WEF further said the global energy transition has plateaued amid the global energy crisis and geopolitical volatilities, but India is among the countries that have made significant improvements.
The WEF further explained, “ Although the country maintains a well-diversified mix of energy trade partners, rising import dependence represents a risk amid global energy market volatilities.”
WEF also pointed out that Thermal power plant expansion has considerably slowed in India, though strategies for early retirement or repurposing of the existing fleet will be crucial.
Besides India, Singapore is the only other major economy showing ‘true momentum’ by advancing sustainability, energy security and equity in a balanced way, the WEF said.
